Indian equity benchmark indices posted a bullish opening on Monday led by gains in ICICI Bank after it reported better-than-expected September quarter results on Saturday. The Sensex rose as much as 462 points and the Nifty 50 index hit an intraday high of 24,292.90 amid stable signals from Asian markets.
At 9:21 am, the Sensex rose 282 points to 79,685 and the Nifty 50 index advanced 69 points to 24,249.
Most Asian markets were trading higher with the Japanese Nikkei rising 1.61 percent as the yen sank to a three-month low after Prime Minister Shigeru Ishiba’s coalition lost its parliamentary majority in an election defeat on Sunday, raising uncertainty over the path of politics and the economy.
China’s Shanghai Composite rose 0.2 percent, the SZSE Component index advanced 0.3 percent, South Korea’s KOSPI rose 0.85 percent while Hong Kong’s Hang Seng fell 0. 23 percent.
At home, buying was visible across the board as all major sector indicators except consumer goods measures and real estate stocks were trading higher led by the Nifty PSU index’s 2 per cent gain. Bank. The Nifty Bank, Financial Services, Media, Metals, Private Banking and Healthcare indices also rose between 0.5 and 1 per cent.
Broader markets also witnessed buying interest as the Nifty Midcap and Smallcap 100 indices rose 0.7 per cent each.
Among individual stocks, InterGlobe Aviation, the parent of the country’s largest airline IndiGo, fell as much as 10 per cent to Rs 3,928 after reporting the first quarterly loss in two years, driven mainly by rising fuel expenses and rising aircraft rental costs. The airline revealed a loss of Rs 989 million for the three months ending September 30, a stark contrast to a profit of Rs 188 million during the same period last year.
Shriram Finance was the top Nifty gainer, the stock rising 6 per cent to Rs 3,280 after it on Friday reported an 18 per cent rise in second-quarter profit, driven by strong growth in its key credit segments. The company reported a standalone net profit of Rs 2,071 crore for the quarter ended September 30, compared to Rs 1,751 crore a year ago.
ICICI Bank rose 3 per cent and was the top contributor to the Nifty 50 index after it beat analyst estimates in the September quarter. The country’s second-largest private sector lender on Saturday reported a net profit of Rs 11,746 crore for the quarter ended September 2024, up 14.5 per cent from Rs 10,261 crore. from the same period last year. The increase in profits came thanks to strong demand for loans.
State Bank of India, Bharat Petroleum, Hindalco, NTPC, Grasim and Tata Consultancy Services also rose between 0.5 and 1.8 per cent.
On the other hand, Coal India, ONGC Larsen & Toubro, Bajaj Auto, ITC, Bharti Airtel, Tata Consumer Products and JSW Steel They were among the losers.
The overall market breadth was positive: 1,725 stocks rose while 1,377 fell on the BSE.
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