India’s blue-chips dropped on Monday, matching their Asian counterparts, as mood was negatively impacted by the growing Middle East war. However, losses were limited by an increase in private lender ICICI Bank’s earnings.
The 13 largest sectors all experienced losses. Following the appointment of foreign banker Ashok Vaswani as managing director and CEO on Monday, Kotak Mahindra Bank saw a 2% decline in shares. An insider was predicted by most observers to replace Uday Kotak.
On the other hand, private lender ICICI Bank showed a roughly 36% increase in net profit and above quarterly predictions, halting losses on the Nifty 50 with a gain of up to 1.29%. In the benchmark, the stock has the third-highest weight.
Asian markets saw a 0.5% decline as mood was harmed by the escalating violence between Israel and Hamas.
Mid-caps fell more than 1% apiece, while the smaller, more locally oriented small-caps followed the blue-chips’ lead.
There are a lot of mid- and small-cap stocks in which liquidity is a major issue. The going is good when liquidity is as good as it has been thus far. It’s a two-edged sword, though, when the tide shifts.
“Domestic equities will consolidate till the geopolitical concerns ease.”
Ipca Laboratories saw a 5% increase after the US pharma agency got an inspection report for its Madhya Pradesh production facility.
Despite excellent quarterly performance, Paytm saw an almost 3% decline. In advance of the results, the digital payments company has increased by 6% over the last five sessions.
After revealing a consolidated net loss for the September quarter, Sunteck Realty saw a 4.5% fall.