ICICI Bank, HDFC Bank Drive Early Gains in Nifty and Sensex After Q4 Results
Apart from the IT sector, most major sectoral indices opened in the green. Broader market indices, including the Nifty Midcap and Smallcap, were also up by 0.5 per cent each.
Market Update at 09:30 AM: India’s key stock indices opened Monday on a positive note, supported by strong quarterly earnings from ICICI Bank and HDFC Bank. As of 9:15 a.m. IST, the Nifty 50 was trading 0.41 per cent higher at 23,949.15, while the Sensex climbed 0.45 per cent to 78,903.09.
The financial sector led the gains, with the Nifty Financial Services index rising by 1 per cent. ICICI Bank advanced 2.1 per cent and HDFC Bank rose 0.9 per cent following the release of their Q4 results over the weekend.
Apart from the IT sector, most major sectoral indices opened in the green. Broader market indices, including the Nifty Midcap and Smallcap, were also up by 0.5 per cent each.
Pre-Market Update at 8:00 AM: The Indian stock market is expected to open flat on Monday, with the Sensex and Nifty 50 showing a subdued outlook due to mixed global cues. Gift Nifty was down by 50 points at 23,801, signaling a weak start.
U.S. markets closed mixed on Thursday, with the Dow Jones dropping 1.33 per cent, while the S&P 500 gained 0.13 per cent. The Nasdaq fell by 0.13 per cent. Meanwhile, China's lending rates remain unchanged for the sixth consecutive month, and the European Central Bank cut rates again due to economic concerns.
The U.S. dollar weakened significantly, falling to a three-year low against the euro, and gold prices hit an all-time high due to safe-haven demand. Crude oil prices fell over 1 per cent amid progress in U.S.-Iran nuclear talks.
Asian markets showed a mixed trend, with Japan’s Nikkei 225 down 1.16 per cent, while South Korea's Kospi rose by 0.14 per cent. Hong Kong and Australia markets were closed for the Easter holiday.
Investors will focus on upcoming Q4 earnings, global tariff updates, and the monthly derivatives expiry. Indian markets were closed on Friday, April 18, for Good Friday, while on Thursday, the Sensex gained 1,508 points and the Nifty rose 414 points.
Q4 Results:
Infosys: Net profit rose 3.3 per cent QoQ to Rs 7,033 crore, but revenue fell 2 per cent QoQ.
HDFC Bank: Net profit grew 6.7 per cent YoY to Rs 17,616 crore, with a dividend of Rs 22/share.
ICICI Bank: Net profit increased 18 per cent YoY to Rs 12,629 crore, with a dividend of Rs 11/share.
Market Activity: FIIs were net buyers, purchasing Rs 4,667 crore worth of shares, while DIIs sold Rs 2,006 crore. Stocks banned for trading in the F&O segment on April 21 include Angel One, Hindustan Copper, Manappuram Finance, IREDA, and NALCO.
Disclaimer: The article is for informational purposes only and not investment advice.