Indian Stocks Recover as HDFC Bank Reports Quarterly Earnings
Equity benchmark indices, the Nifty and the Sensex, showed signs of recovery in early trade on Tuesday after three days of decline. This was primarily driven a positive global market trend and strong performance from HDFC Bank following its quarterly earnings announcement. The BSE Sensex surged 392.89 points to reach 66,559.82 in early trade, while the Nifty jumped 118 points to 19,849.75.
Among the gainers in the Sensex firms were Power Grid, Bajaj Finance, Tata Steel, HDFC Bank, Tech Mahindra, Wipro, Bajaj Finserv, and Titan. HDFC Bank saw a nearly 1% increase in its stock value after revealing a consolidated net profit of Rs 16,811 crore for the September quarter. This marked the bank’s first quarterly earnings report after merging with parent company HDFC.
However, Larsen & Toubro and Hindustan Unilever experienced a decline in their stock prices, making them the laggards of the day.
Meanwhile, Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong also experienced positive trading sessions.
Turning our attention to the US markets, they closed with gains on Monday. Additionally, the global oil benchmark Brent crude saw a slight decline of 0.01% to USD 89.64 a barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 593.66 crore on Monday.
In the previous session, the Sensex had declined 115.81 points or 0.17% to settle at 66,166.93, while the Nifty slipped 19.30 points or 0.10% to 19,731.75.