The S&P BSE Sensex was up 45.74 points to 59,700.80 at around 9:39 am, while the NSE Nifty 50 was trading 17.85 points higher at 17.641.90.
By Koustav DasBenchmark stock market indices opened marginally higher on Monday even as major companies such as Reliance Industries Limited (RIL) and ICICI Bank posted strong Q4 results.
The S&P BSE Sensex was up 45.74 points to 59,700.80 at around 9:39 am, while the NSE Nifty 50 was trading 17.85 points higher at 17.641.90. Most of the broader market indices were up marginally, but it seems investors still remain cautious.
Sectoral indices were largely mixed, with Nifty Bank and Nifty Financial Services starting off the session with strong gains, while Nifty Media, Nifty IT, and Nifty Pharma were lagging.
The strong performance in banking stocks comes after private lender ICICI Bank posted a 30 per cent jump in Q4 net profit. This was driven by improved net interest income and stronger loan growth.
ICICI Bank shares were up nearly 2 per cent in early trade.
Market heavyweight Reliance Industries Limited, the most valuable Indian company, also reported strong Q4 results. It posted a 19 per cent jump in fourth-quarter profit. RIL rose over 1 per cent in early trade.
Some of the other top gainers were HCFC Life, Tata Consumer Products Limited, Hero MotoCorp and Apollo Hospitals. On the other hand, some of the top losers were Sun Pharma, Dr Reddy’s Laboratories, TCS, UPL and Cipla.
While the Q4 results posted over the weekend by market heavyweights have provided support to the Q4 earnings momentum, it seems investors are still approaching the market with cautiousness. This could be due to the weakness in global markets and the upcoming US Fed policy review decision.
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