Sensex Plunges to 34005 Points After Banking Stocks Nosedive
Mumbai, Jan 22: The Indian markets on Monday opened on a positive note with BSE Sensex rising by over 100 points while NSE Nifty opening beyond 10,900. The 30-share BSE Sensex was over 110 points up at 35,625 while broader NSE Nifty was over 20 points up at 10,912.
Reliance Industries, ONGC and HDFC were among top gainers. ICICI and SBI slipped slightly in opening trade.
On Friday, the markets had ended at a fresh record closing high of 250.63 points, with the Sensex trading at 35,510.92, while the Nifty gained 72.80 points to 10,889.80.
Private sector lender HDFC Bank reported profit growth of 20.1 percent for quarter ended December 2017, with slight increase in asset quality and strong loan growth. Profit for the quarter stood at Rs. 4,642.60 crore, up from Rs. 3,865.33 crore in year-ago.
Similarly, ITC reported 17 percent year-on-year growth in net profit to Rs. 3,090 crore. The company reported a net profit of Rs. 2,646.7 core in the corresponding quarter of last fiscal, the company said in a statement.