A number of intraday deals took place in SBI's August futures at ₹520 and below. A bearish build-up was observed with the futures contract's open interest rising 7.53% intraday so far along with the price fall.
Open interest indicates the money flowing into a counter. Rising open interest, accompanied by a fall in price, signals a short build-up. The range for the stock is ₹500-540 for the month, as per options data.
The stock had seen an up move recently and traded slightly below its 52-week high of ₹549.
India’s largest lender SBI on Saturday reported a 6.7% year-on-year decline in June quarter net profit to ₹6,068 crore. The bank witnessed MTM loss of ₹6,549 crore in the three months to June as bond yields hardened during the quarter.
SBI’s net interest income, the difference between interest earned and expended, stood at ₹31,196 crore in Q1, up 12.9% y-o-y, but down 0.01% sequentially. Its domestic interest margin, a measure of profitability, was at 3.23%, 17 basis points (bps) lower than the March quarter.
