INDIA STOCKS-Indian shares open higher; financials gain on strong earnings

(Adds opening levels)

BENGALURU, Jan 23 (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.

See also  Alia Bhatt, Ranbir Kapoor Pregnancy? “Our Baby Coming Soon,” She Writes. See Hospital Pic

Most Asian equities were closed on Monday for the Lunar New
Year holidays.
($1 = 80.9790 Indian rupees)
(Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru;
Editing by Nivedita Bhattacharjee)
((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))

Keywords: INDIA STOCKS/

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.




Source link

Thank you for reading this post, don't forget to subscribe!

We will be happy to hear your thoughts

Leave a reply

 
financetin
Logo
%d bloggers like this: