NIFTY50 and SENSEX close lower, Coal India and Adani Ports rise; Stock Market Highlights

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The NIFTY Midcap 100 index (+0.5%) closed higher today. Meanwhile, NIFTY Smallcap 100 Index (+0.2%) closed in the green today.

The NIFTY Financial Services (+0.5%) index closed in the green today, with Kotak Mahindra Bank (+2.5%) and IEX (+1.8%) being the top gainers, while HDFC AMC (+2.2%) and Muthoot Finance (-1.5%) being the top losers.

The BANK NIFTY index (+0.7%) index closed higher. Gains in ICICI Bank (+1.2%), Axis Bank (+0.1%) and Kotak Mahindra Bank (+2.5%) pushed the index higher.

After opening higher, India benchmark indices – NIFTY50 (+0.1%) and Sensex (+0.1%) – pared gains and closed lower. Out of the NIFTY50 space, 30 stocks declined. Meanwhile, Coal India, Adani Ports and Kotak Mahindra witnessed strong buying interest.

• Long build up: Coal India, Apollo Hospitals, ONGC, Britannia and NTPC
• Short build up: Tech Mahindra, IndusInd Bank, Nestle India, L&T and Reliance Industries

Shares of the state-owned bank are up more than 5% today.

This comes after its net profit jumped 60% year-on-year to 3,625 crore.

The profit growth was supported by a fall in provisioning and a rise in interest earned.

The private bank reported net profit of ₹3,005 crore, up 8% YoY in the December quarter. This was supported by a 16% rise in the net Interest Income to ₹6,554 crore. Meanwhile, the net interest margin (NIM), which is a key measure of profitability, stood at 5.22% for Q3FY24.

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