The Indian headline indices Sensex and Nifty opened higher on Tuesday morning tracking Asian markets.
The Indian headline indices Sensex and Nifty opened higher on Tuesday morning tracking Asian markets. Yesterday, the Sensex, Nifty ended down after the US-China trade tensions escalated. While, the Sensex is up 105.51 points at 38,712.10, Nifty is at 11,617.85, up 19.60 points from the last close.
Most of the IT and banking stocks are trading in green. The ICICI Bank opened in red but within five minutes of market opening turned green.
Among the top gainers are Vedanta Ltd, Bharti Airtel, Yes Bank, TCS, Hero Motorcorp and Axis Bank, while the losers are NTPC, Sun Pharma, Reliance and ONGC among others. Most of the sectoral indices gained in morning trade with metal and realty indices gaining the most. Besides banking stocks, FMCG index also surged in the early morning trade .
Yesterday, the US markets settled lower after President Donald Trump threatened to raise tariffs on Chinese goods in a bid to get additional concessions in the final trade agreement. The Asian markets also hit near five-week lowas after the reports of US-China trade tensions.
India’s largest private bank ICICI Bank, on Monday, reported a profit of Rs 969.06 crore as against the profit of Rs 1,020 crore in the corresponding quarter of previous financial year. Its profit fell 5% on the back of higher provisions and increased expenditure. Total income for the quarter rose to Rs 20,913.82 crore from Rs 19,942.97 crore in the same quarter of last year.
The telecom major Bharti Airtel on Monday reported a 29 percent year-on-year rise in its consolidated net profit for the last quarter of 2018-19 at Rs 107.2 crore due to gains from exceptional items. It had reported a net profit of Rs 82.9 crore a year ago and Rs 86.2 crore in the previous quarter ended December. While its consolidated net profit declined by 62.7 percent year-on-year at Rs 409.50 crore,on account of continuing tariff war with Reliance Jio.