ICICI Bank Leads Gainers as BSE Sensex Trades Flat

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ICICI Bank Leads Gainers as BSE Sensex Trades Flat
Credit: © Reuters.

In Monday's opening session, the BSE Sensex traded flat at 65,426.74 points, while the NSE Nifty 50 stood at 19,554.55 points. ICICI Bank (NS: ICBK ) emerged as the leading gainer with a 1% rise in shares following a reported 36% year-on-year increase in its Q2 net profit to Rs 10,261 crore. The bank attributed this growth to a high core income and lower provisions. As per InvestingPro Tips, ICICI Bank has been a prominent player in the Banks industry, consistently increasing earnings per share and has raised its dividend for 3 consecutive years. Nevertheless, analysts predict a sales decline in the current year.

On the other side of the spectrum, Kotak Mahindra Bank (NS: KTKM )'s shares fell over 2% following the announcement of Ashok Vaswani as the new CEO and MD. According to InvestingPro Tips, while Kotak Mahindra Bank has also raised its dividend for 3 consecutive years, it is quickly burning through cash and analysts anticipate a sales decline in the current year. It's also worth noting that the bank has been trading at a low P/E ratio relative to near-term earnings growth, with the P/E Ratio (Adjusted) standing at 11.05 as per InvestingPro Data.

The broader markets showed a negative trend with India Vix dropping by 7.48%. Several sectors including Nifty Media , realty, metal, PSU Bank, oil & gas, and consumer durables experienced declines. Among the top losers were Kotak Bank, Grasim (NS: GRAS ), TCS (NS: TCS ), LTI Mindtree (NS: MINT ), L&T, Tata Steel (NS: TISC ), Bajaj Auto (NS: BAJA ), Coal India (NS: COAL ), ONGC (NS: ONGC ), Maruti Suzuki (NS: MRTI ) and BPCL.

There were some bright spots in the market. Alongside ICICI Bank, other top gainers included Divis Lab, Bajaj Finance (NS: BJFN ), M&M, Bajaj Finserv (NS: BJFS ), PowerGrid, Dr Reddys, Tata Consumers, Hero MotoCorp (NS: HROM ) and Nestle (NS: NEST ) India. These insights and more are available with InvestingPro, which hosts an extensive list of tips for a wide range of companies. For more information, check out InvestingPro pricing.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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