Nifty approaches 10000, Sensex strong; HDFC Bank hits new high on Q1 nos

The 30-share BSE Sensex was up 191.60 points at 32,220.49 and the 50-share NSE Nifty gained 49.85 points at 9,965.10 but the market breadth does not look strong.

About 1,393 shares advanced against 1,030 declining shares on the BSE.

Country’s second largest private sector lender HDFC Bank started off the year on a strong note by showing impressive growth in earnings on all counts. Profit grew by 20.2 percent year-on-year to Rs 3,893.84 crore despite sharp rise in provisions.

Profitability was driven by net interest income and other income.

The stock price lost ground due to asset quality concerns but immediately recovered to hit fresh record high of Rs 1,725 (up 1.25 percent) after the bank clarified that the rise in asset quality was due to farm loan waiver announced by states in June.

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Posted in: Indian Market Tips