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Markets Trade Higher, HDFC Bank Surges 4%


Benchmark indices opened the day higher, led by strong gains in banking stocks. Global cues were tepid with most Asian markets were trading with losses. Indian markets were strong thanks to a partial opening-up of the Indian economy.

Markets Trade Higher, HDFC Bank Surges 4%

The Sensex was trading with gains of 190 points, while the Nifty opened the day higher by 50 points. Banking stocks were once again leading gainers, with HDFC Bank jumping as much as 4 per cent. Investors cheered a decent set of numbers from the bank. The bank reported a 17.7 per cent year-on-year (YoY) rise in net profit at Rs 6,927.70 crore. The stock was up 4 per cent in trade.

Shares in Infosys was also trading higher, ahead of numbers to be declared later today. Non-banking financial company Muthoot Finance saw good gains after the company said it will re-open all its branches across the country from April 20 and will ensure safety for its customers.

Shares in Shemaroo were locked at the upper end of the circuit filter for the fifty straight trading day. Meanwhile, most of Asia was trading with losses led by the Japanese Nikkei and the Hong Kong's Hang Sang.

Read more about: hdfc stock market
Story first published: Monday, April 20, 2020, 9:25 [IST]
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