SBI Slips on Weak Q4 Margins; PSU Banks Dragged by SBI Results – Paper by Pocketful

May 08, 2026

State Bank of India (-6.66%): Stock fell after Q4FY26 results missed estimates; net profit rose 6% YoY to ₹19,684 crore, margins weakened, while ₹17.35/share dividend was announced.
Kalyan Jewellers (+3.26%): Stock gained after strong Q4FY26 results; revenue surged 66% YoY to ₹10,321 crore, while net profit more than doubled YoY to ₹409.5 crore driven by strong jewellery demand.
BSE (-1.42%): Stock declined amid weak market sentiment despite strong Q4FY26 results; net profit surged 61% YoY to ₹795 crore, while board announced ₹10/share dividend.
Tata Consumer Products (+2.13%): Stock gained after strong Q4FY26 results; profit jumped 64% YoY to ₹456 crore, revenue rose 16%, while ₹10/share dividend was recommended.

IT | Nifty IT (+1.21%): Index advanced with 8 gainers and 2 losers amid broad-based buying interest in technology stocks and improving sector sentiment.
Consumer Durables | Nifty Consumer Durables (+0.69%): Index rebounded after six consecutive sessions of decline, led by gains in Titan Company, Kalyan Jeweller and Cera Sanitary renewed buying interest.

PSU Bank | Nifty PSU Bank (-3.06%): Index declined sharply led by weakness in State Bank of India, PNB and Bank of Baroda after SBI’s weak Q4 results weighed on overall banking sentiment.
Financial Services | Nifty Financial Services (-1.66%): Index fell over 440 points with 2 gainers and 17 losers amid rising oil prices, FII outflows and weak market sentiment.

Technical Level: Nifty opened with a gap-down opening and traded in a range throughout the session, similar to yesterday. Resistance was seen near 24,250, while support was placed around 24,130.
Advance-Decline Ratio: Market breadth remained negative with 1499 advances against 1782 declines, indicating selling pressure across broader markets.
The Big Picture: Iran tensions are expected to dominate the upcoming Trump-Xi summit, potentially delaying discussions on tariffs and rare earth supplies. Markets remained volatile as hopes of a peace deal briefly eased oil prices and boosted investor sentiment.
FII/DII Activity (May 07, 2026): DIIs remained net buyers worth ₹441 crore, while FIIs turned net sellers worth ₹341 crore, reflecting cautious market sentiment.

Macro: China’s Exports YoY (Apr), Balance of Trade (Apr) & Imports YoY (Apr) data tomorrow for economic and rate-cut signals.
Index Watch: Nifty opened on a negative note, extending losses for the second consecutive session, dragged by sharp weakness in PSU and private bank stocks after disappointing SBI results. The index closed near our expected support level shared yesterday, though Nifty remained positive on a weekly basis. Next support is seen at 24000, while resistance is placed near 24320. Will the market open gap-up or gap-down on Monday? Share your views in the comments.

Volatility - A market condition where stock prices move sharply up or down within a short period due to uncertainty or heavy trading activity.

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