Sensex Gains Over 600 Points; ICICI Bank Surges Post March Quarter Results


ICICI Bank, SBI, Axis Bank and Kotak Mahindra Bank are top gainers among Sensex stocks

The stock markets have started the week on a strong note, thanks to positive cues from the global front. At 9:30 am, the BSE Sensex was at 48,540.15, higher by 650.19 points or 1.37 per cent and the NSE Nifty was at 14,527.45, up 185.45 points or 1.28 per cent. All the BSE sectoral indices are trading in the green, with the banking index gaining almost 2 per cent on the back of a 4 per cent surge in ICICI Bank post its Q4 earnings.

The broader markets are also trading strong this morning; the BSE Midcap index has gained 0.5 per cent and the BSE Smallcap index has added 0.97 per cent.

Asian stocks rose for a third straight session on Monday as risk appetite was aided by recent data showing the world economic recovery from the coronavirus pandemic was well on track while the U.S. dollar loitered near two-month lows.

US stocks rallied on Friday, driving the S&P 500 to a near-record closing high, after factory data and new home sales underscored a booming economy while megacap stocks rose in anticipation of strong earnings reports next week.

The Dow Jones Industrial Average rose 0.67 per cent, S&P 500 gained 1.09 per cent and Nasdaq Composite added 1.44 per cent at 14,016.81.

On the stock-specific front, ICICI Bank shares soared 4.4 per cent at Rs 598 to top the gainer’s list on the BSE after the bank reported a 260.5 per cent year-on-year (YoY) growth in standalone profit at Rs 4,402.61 crore for quarter ended March 2021. The profit in the corresponding period last year stood at Rs 1,221.4 crore. SBI, Axis Bank and Kotak Mahindra Bank were the other significant gainers among the Sensex stocks.

On the other hand, HCL Tech lost 1.5 per cent at Rs 944.80 after the IT firm reported a 72 per cent decline in profit at Rs 1,102 crore in the January-March quarter, compared to Rs 3,969 crore in the October-December quarter. Britannia, Cipla and Hero Motocorp are the other major losers on the BSE.

Tech Mahindra, HDFC Life Insurance Company and SBI Cards and Payment Services will declare their March quarter earnings during the day.

On Friday, the BSE Sensex fell 202.22 points to 47,878.45 and the Nifty declined 64.80 points to 14,341.40.

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