Indian shares open higher; financials gain on strong earnings

(Reuters) -Indian stocks opened higher on Monday as financial stocks ticked up after some banks reported strong quarterly numbers over the weekend, while a Wall Street rally in the previous session helped broader sentiment.

The Nifty 50 index was up 0.34% at 18,902.95 as of 9:28 a.m. IST, while the S&P BSE Sensex rose 0.38% to 60,861.18.

Most of the major sectoral indexes gained, with the high-weightage financials sub index rising over 0.6%.

Private lenders ICICI Bank and Kotak Mahindra Bank advanced 1% each, after reporting a rise in net profit and healthy loan growth in the third quarter over the weekend.

Shares of India’s largest company by market capitalisation, Reliance Industries were volatile after reporting a bigger-than-expected fall in net profit in the December quarter, post market hours on Friday.

On the flipside, shares of Yes Bank tumbled after logging 80% net slide in net profit as provisions for bad loans surged in December quarter.

Thirty-four of the Nifty 50 constituents advanced while 16 declined.

Wall Street equities rallied to close higher on Friday, as upbeat quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.

Most Asian equities were closed on Monday for the Lunar New Year holidays.

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More