Indian Markets Open Higher; ICICI Bank Rallies

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Tuesday, May 8, 2018, 9:20 [IST]

Indian markets opened the day substantially higher, but, dropped and were trading flat, barely 5 minutes into trade, even as Asia remained subdued. Global markets await a decision by US President Donald Trump on the Iran Nuclear deal. An agreement would mean that could prices could drop in the near future, which would be good for India.

The Sensex was trading with gains of 54 points, while the Nifty gained 9 points in trade. ICICI Bank, which reported numbers on Monday was trading with gains of 4 per cent. The Bank saw Q4 net profit falls 50 percent on jump in non performing assets. The results largely matched expectations.

Shares in PC Jeweller, which has seen more than doubled in 3 trading sessions, was once again higher in trade. The F&O segment for the shares has been opened, after a 2-day ban.

However, shares of Vakrangee continued to drop and was locked at the lower end of the circuit filter of 5 per cent in trade once again.

Banking shares were having a good session thanks to sharp gains in ICICI Bank, following numbers. Other notable banking winners were IndusInd Bank and Kotak Bank. Even smaller banks like Karnataka Bank gained in trade.

Meanwhile, all eyes are on US President Donald Trump's decision on the Iran deal. If he does not agree, it could send crude oil prices higher and a drop in the Indian benchmark indices.

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