The Indian benchmark indices nifty and sensex closed in green on today’s week opening session, after Q1 results. Eternal jumped 7%, ICICI 2.71% and HDFC 2.25%, where Reliance industries was down by 3.24%, even after the firm reported its highest quarterly profit of ₹ 26,994 crore.
Benchmark BSE sensex claimed 442 points to reach at 82,200, while the Nifty crossed 25000 level to reach at 25090 in today’s market session. Good green rallies were seen in both benchmark indices, after healthy quarter one results.
Eternal Limited, which operates Zomato and blinkit, jumped 7%, after reporting a year on year decline in quarterly profit after tax at ₹ 25 crore in the first quarter on Monday 21 July.
ICICI Bank claimed 2.71%, after the company reported a net profit of ₹13,558 crore up by 15.9% from 11696 crore in the year ago period.
HDFC Bank rose 2.25% after it reported net profit down by 1.3% at ₹16,258 crore for Q1 from 16,475 crore a year ago. Dividend of ₹ 5 per share declared on 19 July by the bank. This may be the reason behind this jump said experts.
Mahindra and Mahindra, HDFC Life, Shriram finance BEL, Bajaj Auto, Kotak Bank etc were also the top gainers in the nifty50.
Strong gains in the banking sector like ICICI and HDFC Bank helped the benchmarks to rise.
According to Rupak De, senior technical analyst at LKP securities, the Nifty bounce back for intraday recovery after finding support near 50 EMA on the daily time frame, the RSI shows a bearish crossover on the daily chart suggesting that overall momentum remains weak.
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