NIFTY50 and SENSEX close higher in a volatile session, HDFC Bank and Reliance gain traction; Stock Market Highlights

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The NIFTY Midcap 100 index (+1.8%) closed higher today. Meanwhile, NIFTY Smallcap 100 Index (+1.7%) closed in the green today.

The NIFTY Financial Services (+0.3%) index closed higher today, with REC (+7.6) and PFC (+6.7%) being the top gainers, while ICICI Bank (-2.9%) and Axis Bank (-2.7%) being the top losers.

The BANK NIFTY (+0.1%) index closed in the green. Gains in HDFC Bank (+2.0%) Indusind Bank (+3.7%) and SBI (+2.1%) supported the index.

Canara Bank reported a 27% year-on-year rise in its net profit to ₹3,656 crore in the December quarter. The robust growth in the profit was driven by a drop in provisioning for bad loans.

The provisioning for bad loans declined by ₹22.6% to ₹1,350 crore.

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Shares of the auto ancillary company are up 2% today.

This comes a day after it reported robust Q3 results. The company reported its highest-ever quarterly net profit of ₹133 crore.

This was aided by a 13% increase in revenue to ₹777 crore. The net order book also increased to a record of ₹24,000 crore.

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Shares of the gas distribution company are up 1% today.

This comes after the company reported a net profit of ₹317 crore in the December quarter – much higher than ₹172 crore in Q3FY23.

The strong profit growth was supported by lower natural gas prices.

Shares of the private bank are down 9% today.

This comes after its asset quality declined in the December quarter.

The gross non-performing assets or bad loans rose to 3.64% of the loan book from 3.38% in the same period last year.