ICICI Bank, SBI help SENSEX trade 300 pts higher, NIFTY50 above 24,250; IndiGo crashes 10%

At 9:25 AM, the S&P BSE SENSEX was trading at 79,757.57 levels, up 355 points, or 0.45%, while the NSE’s NIFTY 50 index was ruling at 24,265.05 points, up 84 points, or 0.35%.

On the SENSEX, ICICI Bank (up 2.7%) was the top gainer owing to strong Q2 results, followed by SBI and NTPC.

The market breadth was in favour of gainers as of 3,144 stocks traded on the BSE, 1,896 advanced, and 1,103 declined, while 145 scrips remained unchanged.

Buzzing Stocks

“In a traditionally weaker second quarter, results were further impacted by headwinds related to groundings and fuel costs. We have turned the corner as the number of grounded aircraft and associated costs have started reducing,” CEO Pieter Elbers said.

Shares of Texmaco Rail were trading 5% higher at ₹207.30 apiece on the BSE after good Q2 results.

Broader Market

The BSE MidCap index was trading at 45,354.71 levels, down 98 points, or 0.22%. The BSE SmallCap index was trading 355 points, or 0.68%, lower at 51,980.80 points.

Sector Watch

Barring banking, financial, and IT services, all the sectoral indices were trading in the red. The BSE BANKEX was trading nearly 1% higher at ₹58,529.04 points.

Global Markets

The yen hit a three-month low on Monday as Japan’s ruling party lost its parliamentary majority, while oil tumbled after Israel’s weekend strike on Iran bypassed oil or nuclear targets.

Japan’s Nikkei, after initially falling, rose 1.6%, and the yen slipped as far as 0.5% to 153.3 per dollar following the ruling Liberal Democratic Party’s (LDP) weakest result since 2009 in Japan’s weekend election.