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Markets Open Higher, Banking Stocks Gain

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Benchmark indices opened the week on a strong note, with most Asian markets trading with near 1 per cent gains.

Dow Futures were pointing to near 0.50 per cent gains for the US markets, which helped sentiments. This was on the back of strong closings for the US markets last week, despite dismal jobs data.

The Sensex was trading with gains of 410 points, while the Nifty was up 116 points in trade. Shares in ICICI Bank were trading flat following its quarterly numbers declared on Saturday. Though the net profits were below estimates, investors chose to ignore the same as the bank had made higher provisions.

Markets Open Higher, Banking Stocks Gain
 

Shares in Reliance Industries too gained after the company announced May 14 as the book closure date. There are reports that a Saudi Arabian wealth fund has evinced interest in picking a stake in Jio platforms. The stock was last up 2.5 per cent at Rs 1,600 per share.

Shares in Hero MotoCorp rallied 2 per cent after the company said it has resumed operations across 1,500 touch-points, including authorised dealerships, across the country.

SBI Cards dropped nearly 1 per cent, after its results failed to inspire. Meanwhile, most Asian markets were trading with gains led by the Japanese Nikkei.

Story first published: Monday, May 11, 2020, 9:28 [IST]
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