Markets rebound in early trade on buying in ICICI Bank, firm trends in Asian peers

Mumbai: Equities rose at the beginning of trading on Monday, supported by purchases of ICICI Bank's blue-chip stock, strong performances in Asian markets, and ongoing buying by domestic institutional investors. In early trading, the BSE Sensex surged by 462.45 points to reach 79,864.74. The NSE Nifty surged by 112.1 points to reach 24,292.90. ICICI Bank, part of the 30 Sensex companies, saw a rise of almost 3 pc following a 14.5 pc increase in standalone profit to Rs 11,746 crore in the second quarter ended September 2024.

Markets Decline Sharply as FIIs Sell Off; BSE and Nifty Drop Over 0.8 pc 

Other major gainers in the group included State Bank of India, IndusInd Bank, Infosys, HCL Technologies, Asian Paints, and Hindustan Unilever. JSW Steel, Larsen & Toubro, Power Grid and ITC were among the ones who fell behind. Seoul, Tokyo, and Shanghai saw gains in Asian markets, but Hong Kong experienced a drop in trading. Friday saw a mix of results in the US stock markets' closing.

According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 3,036.75 crore on Friday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 4,159.29 crore. Brent crude, the global oil benchmark, decreased by 4.38 percent to USD 72.72 per barrel. On Friday, the BSE benchmark dropped by 662.87 points, which is equivalent to 0.83 per cent, to close at 79,402.29. The Nifty dropped by 218.60 points, representing a decrease of 0.90 percent, to reach 24,180.80.

Stock Markets Turn Downward After Initial Gains, IndusInd Bank Shares Plunge 15 pc on friday.

Stock markets initially rose on Friday but later fell, led by a sharp 15 pc decline in IndusInd Bank shares due to a 40 pc drop in net profit for the September quarter. The BSE Sensex climbed to 80,195.72 before closing down 197.47 points at 79,875.03. The NSE Nifty also fell, closing down 89.20 points at 24,310.20. Despite losses from NTPC and Tata Steel, ITC gained 3 pc after reporting a 1.8 pc rise in net profit. Foreign Institutional Investors sold equities worth Rs 5,062.45 crore, while Domestic Institutional Investors bought Rs 3,620.47 crore.

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