BENGALURU: Indian shares advanced on Monday, led by financials, after improved quarterly results from heavyweights Reliance Industries Ltd and ICICI Bank Ltd prompted investors to shrug off concerns of a lacklustre earnings season.
The Nifty 50 closed 0.68% higher at 17,743.40, while the S&P BSE Sensex added 0.67%. Ten of the 13 major sectoral indexes advanced, with high weightage financials jumping nearly 1.5%.
Private lender ICICI Bank posted a 30% surge in the March-quarter profit, helped by improved net interest income and loan growth.
Analysts at brokerage Motilal Oswal said the lender’s quarter saw “flawless execution.” ICICI Bank climbed over 2% on Monday and was among the top Nifty 50 gainers. Reliance Industries, India’s most valuable company, reported a 19% jump in fourth-quarter profit on Friday, aided by the strong performance in the oil-to-chemicals segment. The stock rose 0.38% on Monday.
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