Markets trade higher in morning session

Randal Sanchez
May 9, 2018

ICICI bank stole the show by rising almost 9 percent in the intra day trade even as the company posted 45 percent decline in consolidated net profit for March quarter. On bad loans, ICICI's long-serving Chief Executive Chanda Kochhar, said the focus was turning to recovery and resolution and the bank would aim to lower its net non-performing loan ratio to 1.5 per cent in two years from 4.77 per cent at the end of March.

The sensex registered intra day high and low at 35,061.56 and 34,977.14 points respectvely.

The NSE Nifty, after hitting a high of 10,758.55, closed at 10,717.80, up just 2.30 points, or 0.02 percent.

ICICI Bank was the star performer in Tuesday's session, comfortably topping the gainers' list by surging almost 7 percent.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 97.15 crore, while the domestic institutional investors purchased stocks worth Rs 923.25 crore.

The benchmark BSE Sensex closed up 0.02 percent at 35,216.32.

Six Indians abducted by armed men in Afghanistan's Baghlan
An Afghan official says that seven Indian citizens and their Afghan driver have been kidnapped in the northern Baghlan province. The country's parliamentary elections are scheduled to take place on October 20.

Asian markets closed mostly higher following firm leads from Wall Street overnight.

On the other hand, Mahindra & Mahindra (0.85%), Infosys (0.71%), Wipro (0.69%), Hindustan Unilever (0.57%), Kotak Mahindra Bank (0.37%), and HDFC Bank (0.31%) were the biggest losers in the Sensex.

Oil prices retreated from three and a half-year highs as investors waited on an announcement by President Donald Trump on whether the United States will re-impose sanctions on Iran.

Heavy selling pressure on the capital goods and consumer durables stocks restricted further gains, market analysts said.

In the broader market, the BSE Midcap and the BSE Smallcap gained 0.1 per cent each.

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