Indian markets got off to a strong start this Monday, with particular attention drawn to the shares of private sector banks following impressive quarterly results.
The S&P BSE Sensex, a key benchmark index, rose by 403 points or 0.6 percent, reaching 74,133 in early trading. Meanwhile, the more encompassing NSE Nifty index also saw a rise of 89 points, or 0.4 percent, hitting 22,508.
Other Asian markets were mostly on the rise, although the overall growth was held in check as investors awaited the impending Federal Reserve's policy meeting scheduled for April 30 to May 1.
Among individual companies, Maruti Suzuki India, SBI Life, IndusInd Bank, and Divis Laboratories each saw an increase of 1-2 percent. Conversely, Apollo Hospitals Enterprise experienced a 5.7 percent drop following PE firm Advent International's agreement to invest 24.75 billion rupees (approximately $297 million) in Apollo's subsidiary, Apollo HealthCo.
HCL Technologies also faltered, with a 4.7 percent loss due to weak guidance for the fiscal year 2025. However, ICICI Bank enjoyed a 1.7 percent bump after reporting a 17 percent increase in their fourth-quarter profit as well as increased expenditure on IT and cybersecurity initiatives.
Yes Bank saw a considerable 6 percent increase following a 123 percent surge in their net profit for the fourth quarter. Similarly, RBL Bank experienced modest growth after posting a 30 percent rise in its net profit for the quarter. Lastly, Glenmark Pharma saw a minor half a percent rise in the wake of its receipt of the U.S. FDA approval for Acetaminophen and Ibuprofen tablets.
