Nifty facing resistance above 8,600; ICICI Bank up 3%


ICICI Bank was the top gainer post the stake sale by Essar Group in Essar OilMarkets opened flat on Monday, amid mixed cues from Asia, with ICICI Bank, one of the major lenders to the Essar Group, emerging as the top gainer.

At 9:30am, the S&P BSE Sensex was up 41 points at 27,715 and the Nifty50 was down 3 points 8,581 after hitting 8,600 in early trades.

ICICI Bank is among the top gainer up over 3% after the Essar Group recently sold 98% stake in its oil entity and related infrastructure. On Saturday, the group sold its stake in Essar Oil, the Vadinar (Guajarat) terminal and power assets to Russian oil major Rosneft, commodity trading firm Trafigura and Russian investment fund United Capital Partners. Axis Bank was also up 0.6%.

Infosys was up 0.5% on renewed buying interest at lower levels after the correction post the earnings announcment on Friday last week.

Other gainers include, SBI, NTPC, ONGC, GAIL and TCS among others.

HDFC Bank along with index heavyweights Reliance Industries and HDFC were among the top losers in early trades.

Other losers include, Tata Motors, Kotak Mahindra Bank and IndusInd Bank among others.

Global Markets

Asian markets were trading mixed with major markets trading slightly in positive terrain. Shares in Japan edged higher but upside gains were capped amid a strong dollar and caution ahead of earnings. The benchmark Nikkei was up 0.2% while China’s Shanghai Composite was up 0.1%. However, shares in Hong Kong and Singapore witnessed profit taking with Hang Seng and Straits Times down 0.5% each.

US stocks ended flat with positive bias on Friday post comments from Yellen. The global benchmark Dow Jones industrial average rising just 0.2% with bank shares leading the gains after encouraging earnings. The index closed at 18,138. The S&P 500 ended nearly unchanged at 2,133 and the Nasdaq Composite also ended flat at 5,214.

36 total views, 1 views today