AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

BENGALURU: Indian stocks rose on Monday, after declines in the previous two sessions, helped by gains in financial stocks as banks reported strong quarterly results over the weekend.

The Nifty 50 index was up 0.69% at 18,153.30 as of 10:26 a.m. IST, while the S&P BSE Sensex rose 0.76% to 61,084.25.

Thirty-nine of the Nifty 50 constituents advanced while 11 declined.

Most of the major sectoral indexes gained, with the heavyweight financials rising over 1%. Private lenders ICICI Bank and Kotak Mahindra Bank advanced about 1% each after reporting higher quarterly net profit and healthy loan growth.

“Financials is one pocket that cannot be ignored and will likely power markets in the near term,” said Mayuresh Joshi, head of equity research at William O’Neil India.

The earnings from the financials space have been along expected lines on all key parameters such as advances growth, asset quality, net interest margin and provisioning, he added.

Indian shares end lower as weak earnings weigh

Domestic sentiment was also boosted by Wall Street equities’ rally on Friday. Most Asian markets were closed on Monday for the Lunar New Year holidays.

However, analysts cautioned the domestic market will remain volatile as the jury is still out on the impact of rate hikes by global central banks, with valuations still stretched, and as foreign investors continue pulling out.

So far this month, foreign investors have been net sellers of around $1.90 billion worth of Indian stocks.

Among other stocks, Reliance Industries was volatile after reporting India’s largest company by market capitalisation reported a bigger-than-expected fall in quarterly profit late on Friday.

The stock was last up 0.57%. Yes Bank tumbled nearly 9% after logging an 80% net slide in net profit as provisions for bad loans surged in the December quarter.

Also read:

Comments

Comments are closed.