Updated April 22nd, 2024 at 08:35 IST

Nifty, Sensex poised for higher open; HDFC Bank, Reliance in focus

Last week saw modest gains in the benchmark indexes Nifty and S&P BSE Sensex, with HDFC Bank leading the charge.

Reported by: Business Desk
Stock market news | Image:Republic
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Stock market news: Indian equities are primed to start the week on a positive note, buoyed by a rebound in Asian markets. All eyes are on HDFC Bank as investors digest its quarterly performance.

As of 8:14 am, GIFT Nifty was trading at 22,281, signalling an opening above Friday's close of 22,147 for the Nifty 50.

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Last week saw modest gains in the benchmark indexes Nifty and S&P BSE Sensex, with HDFC Bank leading the charge. However, both indexes recorded a weekly decline of about 1.6 per cent.

While Asian markets faced headwinds from geopolitical tensions in the Middle East and speculation surrounding US interest rate adjustments, they rebounded on Monday with a 1 per cent increase.

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The spotlight remains firmly on HDFC Bank, the heavyweight stock in the Indian benchmark indexes. The bank's quarterly profits, though slightly below expectations due to increased provisions, maintained stable lending margins.

Investor attention also turns to Wipro, the country's fourth-largest software-services exporter, as more than ten Nifty 50 companies are slated to release earnings this week.

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Later today, Reliance Industries, India's most valuable company, will report its results.

Key stocks to watch

  • HDFC Asset Management Company: Reported a 44 per cent surge in consolidated net profit for the March quarter and declared a dividend of 70 rupees per share.
  • Indian Renewable Energy Development Agency: Recorded a 33 per cent increase in quarterly profit.
  • Laurus Labs LAUL.NS: Confirmed that the US drug regulator completed inspections of its facilities in Anakapalli without issuing any Form-483 observations.

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

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Published April 22nd, 2024 at 08:35 IST