Bengaluru: Indian shares Heavyweights opened with gains on Monday due to improvement in quarterly results Reliance Industries Limited And ICICI Bank Ltd allayed some concerns over a weak start to the earnings season.
Nifty 50 was up 0.13% at 17,646.90 at 9:34 am IST, while S&P BSE Sensex Added 0.12%.
Seven of the 13 major sectoral indices with high weighting financials are up 0.7%. Private lender ICICI Bank posted a 30% jump in March quarter profit after improving net interest income and loan growth. Analysts termed the earnings a “flawless execution”, led by strong asset quality. ICICI Bank climbed over 2% on Monday.
Meanwhile, India’s most-valued company, Reliance Industries, reported a 19% jump in fourth-quarter profit, aided by a strong performance in the oil-to-chemicals (O2C) segment in after-market hours on Friday. The stock climbed more than 1.3% in early session.
Analysts said healthy earnings from both the companies, which account for nearly 20% of the total weighting in the Nifty 50, could improve sentiment battered by weak results and outlook of top information technology companies.
In other stocks, Macrotech Developers Limited That came after a 39% year-on-year rise in profit to Rs 7.44 billion for the quarter ended March, an increase of over 3%.
Nifty 50 was up 0.13% at 17,646.90 at 9:34 am IST, while S&P BSE Sensex Added 0.12%.
Seven of the 13 major sectoral indices with high weighting financials are up 0.7%. Private lender ICICI Bank posted a 30% jump in March quarter profit after improving net interest income and loan growth. Analysts termed the earnings a “flawless execution”, led by strong asset quality. ICICI Bank climbed over 2% on Monday.
Meanwhile, India’s most-valued company, Reliance Industries, reported a 19% jump in fourth-quarter profit, aided by a strong performance in the oil-to-chemicals (O2C) segment in after-market hours on Friday. The stock climbed more than 1.3% in early session.
Analysts said healthy earnings from both the companies, which account for nearly 20% of the total weighting in the Nifty 50, could improve sentiment battered by weak results and outlook of top information technology companies.
In other stocks, Macrotech Developers Limited That came after a 39% year-on-year rise in profit to Rs 7.44 billion for the quarter ended March, an increase of over 3%.