Updated April 22nd, 2024 at 09:50 IST

Nifty, Sensex open higher with focus on financials and metals

The NSE Nifty 50 was up 0.44% at 22,243.35, while the S&P BSE Sensex gained 0.37% to 73,368.73 as of 9:31 am.

Reported by: Business Desk
Stock market news | Image:Republic World
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Stock market news: Indian benchmarks opened higher on Monday, riding the wave of a rebound in Asian markets, with notable gains in financial and metals stocks. 

The NSE Nifty 50 was up 0.44 per cent at 22,243.35, while the S&P BSE Sensex gained 0.37 per cent to 73,368.73 as of 9:31 am.

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Financial services, the heaviest-weighted sector, saw a rise of 0.5 per cent, while metal stocks surged by 1 per cent.

HDFC Bank, the leading private lender by market capitalisation and a heavyweight in the Nifty 50, initially gained 1.7 per cent at the open, but later reversed its gains to trade 0.6 per cent lower. The bank's quarterly report, though showing a smaller-than-expected profit due to increased provisions, maintained stable core lending margins.

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Asian shares rebounded on Monday, gaining 0.7 per cent after experiencing a 3.7 per cent drop last week, amidst concerns over geopolitical tensions in the Middle East and speculation on delays in US rate cuts.

In the coming days, investor focus will be on earnings reports, with more than ten Nifty 50 companies scheduled to release their results. Among the key companies reporting today are Reliance Industries, HDFC Asset Management Company, Indian Renewable Energy Development Agency, and Laurus Labs.

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India's most valuable company, Reliance Industries, is expected to report its results later today.

STOCKS TO WATCH

  • HDFC Asset Management Company: Reported a consolidated net profit jump of about 44 per cent in the March quarter and declared a dividend of 70 rupees per share.
  • Indian Renewable Energy Development Agency: Recorded a 33 per cent rise in quarterly profit.
  • Laurus Labs: Confirmed completion of the US drug regulator's inspection of its facilities in Anakapalli without any Form-483 observations.

Key earnings today: Reliance Industries, Mahindra Logistics, Rallis India, Hatsun Agro Products.

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(With Reuters inputs.)

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Published April 22nd, 2024 at 09:50 IST