Indian Benchmark Indexes Expected to Open Slightly Lower; Attention on Kotak Mahindra Bank

Benchmark indices: India's benchmark indexes are poised to start Thursday's trading session with marginal declines, following four consecutive sessions of gains. Attention is particularly focused on Kotak Mahindra Bank after the Reserve Bank of India (RBI) imposed restrictions on the lender, preventing it from acquiring new clients digitally.

As of 08:10 a.m. IST, India's GIFT Nifty was trading at 22,354.50, indicating an opening below Wednesday's close of 22,402.40 for the Nifty 50.

During the previous session, both the benchmark Nifty and S&P BSE Sensex indexes recorded gains of about 2 per cent, bolstered by reduced concerns regarding tensions in the Middle East.

The spotlight remains on Kotak Mahindra Bank following the RBI's directive, which prohibits the bank from onboarding new customers through its online and mobile banking platforms.

Among other notable stocks, Hindustan Unilever, Axis Bank, and LTI Mindtree are expected to attract attention due to their recent financial results. Hindustan Unilever reported a 6 per cent decline in profit, falling short of expectations, while LTI Mindtree posted lower-than-anticipated revenue for the March quarter, citing weakness in its banking segment and subdued client spending. On the other hand, Axis Bank surpassed profit estimates for the fourth quarter.

In broader market news, Asian markets have opened lower, and U.S. equities closed with marginal gains. Investors are eagerly awaiting the release of first-quarter U.S. gross domestic product (GDP) data later in the day, which will provide insights into the future rate trajectory of the U.S. Federal Reserve.

With Reuters Inputs