Nifty Opens Higher As Asian Markets Rally; ICICI Bank Leads Gainers

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, January 25, 2016, 9:26 [IST]

Benchmark indices were trading higher as Asian markets opened strong, following decent gains in crude oil and strong closings across European and US Markets on Friday.

The Sensex was trading with gains of 156 points, while the Nifty was up 46 points in trade. Leading the set of gainers were banking stocks once again, led by State Bank of India, ICICI Bank and Punjab National Bank.

Shares in ITC were trading lower, following results that lagged estimates on the revenues and profitability front. HDFC Bank was trading higher ahead of results to be announced later today.

Oil and gas stocks were higher, following a rebound in crude oil prices. ONGC and Oil India gained, following good gains in crude oil.

Cairn India gained, despite results being below expectations. Mid cap stocks also saw some buying support with the index trading higher by almost 1 per cent.

Among the gainers from the space were IGL, DHFL and Union Bank of India. Unichem was higher after the company reported a 10-times jump in net profits. Early Nifty losers in trade were Infosys and ITC.

Indigo Airlines, which dropped a huge 20 per cent in trade, continued to decline. The stock was down another 5 per cent in trade.

Meanwhile, most Asian markets were trading with robust gains, with the Shanghai Composite, the Singapore Strait Times, The Japanese Nikkei and the Hong Kong's Hang Sang among the big gainers in trade.

GoodReturns.in