Benchmark indices trimmed losses after a sharp recovery in banks. The Bank Nifty is back in the green, while PSU banks are seeing a sharp recovery, courtesy of SBI. The shares have pulled back from the day’s low points on the back of positive outlook post Q1 results.

State Bank of India reported a net loss of Rs 4,875.85 crore in the quarter ended 30 June, compared to a profit of Rs 2,005.53 crore in the same period last year.

Globally, Asian stock markets fell on Friday while currency markets were whipsawed by a searing selloff in Russia’s rouble after the United States slapped on new sanctions.

European markets are broadly lower today with shares in Germany off the most. The DAX is down 1.32% while France's CAC 40 is off 1.02% and London's FTSE 100 is lower by 0.50%. Back home, at 14:19 hours, BSE SENSEX was at 37973.38 down by -50.99 points or by -0.13 % and then NSE Nifty was at 11452.5 down by -18.2 points or by -0.16 %.

The BSE Sensex touched intraday high of 38051.45 and intraday low of 37875.71. The NSE Nifty touched intraday high of 11478.75 and intraday low of 11426.5.

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 324.95,+2.69%), Hero MotoCorp Ltd. (Rs. 3330.20,+1.68%), ICICI Bank Ltd. (Rs. 338.50,+1.67%), Mahindra & Mahindra Ltd. (Rs. 947.00,+1.47%), ITC Ltd. (Rs. 305.75,+1.29%), among others.

The top losers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 552.30,-3.22%), Tata Motors Ltd. (Rs. 251.95,-2.16%), Vedanta Ltd. (Rs. 225.70,-2.08%), Tata Motors Ltd. (Rs. 140.45,-1.95%), Power Grid Corporation of India Ltd. (Rs. 190.05,-1.40%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2886, shares advanced were 1157 while 1565 shares declined and 164 were unchanged.