Nifty, Sensex Ride High on ICICI Bank, Reliance Surge

Nifty, Sensex Ride High on ICICI Bank, Reliance Surge [ad_1]

Indian shares jumped on Monday, with private-sector lender ICICI Bank Ltd climbing after sturdy quarterly outcomes, as traders hoped that surging coronavirus instances may peak quickly and mitigate the pandemic’s financial affect.

The NSE Nifty 50 index rose 1.36% to 14,539.15 by 0426 GMT, whereas the benchmark S&P BSE Sensex was up 1.49% at 48,587.7. Up to Friday’s shut, the indexes had shed round 7% and 9%, respectively, from peaks hit in February.

Total COVID-19 instances in India surged by a 352,991 on Monday, a fifth straight day of report bounce in new infections, as the rise overwhelmed its healthcare system and prompted nations just like the United States to supply help.

However, analysts say the present virus wave is not going to have an effect on the inventory market much like that of the primary.

“This time, whereas we might not have a remedy for the pandemic, we perceive it higher and the market believes it’s going to worse-case push progress out by three to 6 months, which is partially already mirrored within the correction we’ve got had,” said Amit Shah, head of India equity research at BNP Paribas in Mumbai.

Shah also said markets may see a 10% correction from the peak.

ICICI Bank topped gains with a 6.2% jump to a near six-week high, after reporting a more than three-fold surge in March-quarter profit, while HCL Technologies slid 3.3% on downbeat earnings.

Mphasis Ltd climbed 6.5% to a two-week high after Blackstone made an offer to buy an additional 26% stake in the IT outsourcing services provider for 82.62 billion rupees ($1.10 billion).

Reliance Industries advanced 3% after the company and BP Plc announced the start of production from a gas field off the east coast of India.

Nifty 50 components HDFC Life Insurance Company and Tech Mahindra are set to report their quarterly results on Monday.

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