Markets Open Modestly Higher; Banking Stocks Recover

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Monday, May 21, 2018, 9:33 [IST]

Benchmark indices opened the day marginally higher, as worries over the outcome of the Karnataka elections began to fade away.

It was largely expected that the formation of a JDS-Congress alliance in the state, may result in a sharp downward reaction in the markets.

Asian markets also were also marginally higher, after reports that the US-China trade was "was on hold". Crude prices also marginally dipped, which helped to support the Indian markets.

The Sensex was trading with losses of 2 points, while the Nifty gained 1 point in trade. Banking stocks were seeing some support, after two weeks of sharp declines. ICICI Bank and SBI were among the stocks that gained.

Shares in Prabhat Dairy jumped, after the company reported a good set of numbers. The stock was up 3 per cent at Rs 180. The company reported a revenue, which was up 7 percent at Rs 405 crore for the quarter ending March 31, 2018. Prabhat Dairy reported a net profit at Rs 18 crore versus net loss of Rs 2 crore.

Shares in Tata Chemicals was marginally down, after the company reported a net profit up 4 times at Rs 1,169 crore, thanks to an exceptional gain of Rs 1,267 crore from the sale of the Fertilizer business.

Indiabulls Housing and ITC were the stocks from the Nifty that pulled the indices lower.

Shares in Balrampur Chini were seeing gains, after reports that some foreign funds had picked a stake in the company.

Meanwhile, most Asian markets were trading higher, once again led by gains in the Hong Kong's Hang Sang.

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