HDFC Bank lifts domestic indices, higher oil prices cap gains


BENGALURU: Domestic indices opened higher on Monday, helped by a better-than-expected earnings report from HDFC Bank, the country’s largest private lender, although higher oil prices and continued foreign investor selling kept a lid on gains.
The Nifty 50 index was up 0.10% at 17,975 as of 9:38 a.m. IST, while the S&P BSE sensex rose 0.16% to 60,361.63.
Ten of the 13 major sectoral indexes advanced, with the heavyweight financials rising more than 0.5%.
HDFC Bank rose 0.5%, and was among the top gainers on the Nifty 50 index, after reporting a jump in third-quarter profit, aided by higher top-line and healthy loan growth.
On the flip side, data shows foreign portfolio investors have sold $1.85 billion worth of equities in 2023 so far.
Meanwhile, oil prices held near 2023 highs on optimism that China’s reopening will lift demand. High crude prices hurt big importers like India as they hurt inflation and government financials.
Among other stocks, Avenue Supermarts slid nearly 4% after reporting its core profit margins fell in the third quarter due to weak demand.

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