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Mumbai: Shares of State Bank of India fell 2.5% to 517.65 on Monday after the lender missed profit estimates on the back of mark-to-market losses on its bond portfolio.

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.



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