Sensex, Nifty hold morning gains; SBI associate banks rally 4-5%

Equity benchmarks maintained morning gains with the Nifty holding 8550 level, supported by banks and auto stocks. Reliance Industries gained over a percent following better-than-expected bottomline and gross refining margin in Q1.

The 30-share BSE Sensex was up 148.00 points at 27984.50 and the 50-share NSE Nifty rose 37.20 points to 8578.60. The BSE Midcap and Smallcap indices gained 0.3 percent and 0.7 percent, respectively.

The market breadth remained positive as about 1545 shares advanced against 877 declining shares on Bombay Stock Exchange.

State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner & Jaipur surged 4-5 percent after the government official says merger of five associates with State Bank of India will be completed in 2 months. State Bank of India is currently working on integrating technology platforms of merger targets.
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