Markets Trade Higher, Reliance Fall Post Results

Benchmark indices began the week on a good note, with the indices trading higher led by gains in banking stocks.

The Sensex was up - points, while the Nifty was up - points in trade. Asian markets too were trading higher, with Dow Futures pointing to gains. Markets around the world are awaiting the outcome of the US Presidential polls later this week.

Shares in ICICI Bank gained ground after net interest income at the bank grew 16% to Rs 9,366 crore and net profit surged to Rs 4,251 crore from Rs 655 crore. The stock surged a huge 5 per cent in early morning trade.

Reliance Industries too saw its share reacting to results with the stock down more than 2 per cent in trade. The company reported a drop in net profits as a drop in gross refining margins impacted Reliance Industries. The Bank Nifty was leading sectoral gainers with gains of nearly 1.5 per cent.

Stocks that were seeing good gains included the likes of Divis Labs, BPCL, Ultratech Cement and Tats Consultancy Services.

Shares in HPCL were trading higher ahead of the board meeting on November 4 to consider a buyback of shares.

Markets are expected to be increasingly volatile ahead of the US election outcome.