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.


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