Sensex, Nifty Likely To Open With Positive Bias

(RTTNews) - Higher GIFTY Nifty points to a positive start for Indian shares Monday morning. Geopolitical tensions amid an escalation in the Israel-Hamas war may weigh on sentiment.

Activity is likely to be stock specific with investors reacting to quarterly earnings updates.

ICICI Bank reported standalone profit of Rs 10,261 crore for the quarter ended September 30, 2023, a 35.7% jump compared to the profit in the year-ago quarter.

Yes Bank reported a 47% year-on-year increase in profit before tax at Rs 225 crore for the quarter ended September 2023.

RBL Bank's second-quarter net profit rose 46% to Rs 294 crore, and Central Bank of India's second-quarter net profit surged 90%. Kotak Mahindra Bank said its net profit increased 24% year-on-year in the second quarter.

JSW Energy reported an 83% jump in net profit at Rs 850 crore for the quarter ended September 20, 2023, compared to a year ago.

Indian shares fell for a third day running on Friday as global markets slumped on concerns over rising bond yields and escalating tensions in the Middle East.

The benchmark S&P BSE Sensex dropped 231.62 points, or 0.35%, to 65,397.62, extending losses for a third straight session reflecting weak global sentiment. The broader NSE Nifty index settled 82.05 points, or 0.42%, lower at 19,542.65.

On Wall Street, stocks moved sharply lower on Friday, pushing the Nasdaq and the S&P 500 to their lowest closing levels in well over four months. The continued weakness came amid ongoing concerns about the recent surge in treasury yields to sixteen-year highs.

The Nasdaq plunged 202.37 points or 1.5% to 12,983.81, the S&P 500 tumbled 53.84 points or 1.3% to 4,224.16 and the Dow slid 286.89 points or 0.9% to 33,127.28.

Asian markets are mostly lower today with investors largely making cautious moves ahead of inflation data from several countries across the region.