MUMBAI: India’s benchmark indexes rose on Monday, boosted by strong earnings from heavyweights HDFC Bank and ICICI Bank, while a decline in Reliance Industries, amid concerns over softness in its oil-to-chemicals and retail segments, capped some gains.
The Nifty 50 added 0.49% to 25,090.7, while the BSE Sensex rose 0.54% to 82,200.34.
Eight of the 13 major sectors logged gains, with heavyweight financials’ 1.6% rise leading the gains.
India’s top two private banks, HDFC Bank and ICICI Bank, gained 2.2% and 2.8%, respectively, after posting stronger-than-expected June quarter profit. HDFC Bank also announced its first-ever bonus share issue.
“Robust earnings from ICICI Bank and the bonus issue by HDFC Bank lifted market sentiment and drove gains, though Reliance’s mixed performance kept a lid on the rally,” said Anita Gandhi, founder and head of institutional business at Arihant Capital Markets.