India’s shares rebound led by ICICI Bank’s strong results

Indian stock markets rebounded on Monday, ending a five-day losing streak, as the strong performance of ICICI Bank lifted the financial sector.

The Nifty 50 index gained 1.01 per cent to close at 24,424.7 points, while the Sensex index climbed 1.13 per cent to 80,303.46 points.

The recent market decline, which saw the Nifty 50 index drop by around 7.5 per cent from its September high, was primarily attributed to sustained foreign selling and a lackluster earnings season.

Bank of Baroda, India’s second-largest state-owned lender, also experienced a significant rally, rising 5.6 per cent on the back of strong recoveries, steady loan growth, and improved asset quality.

Other notable stock movements include Shriram Finance, which gained seven per cent after reporting strong quarterly results, and Bandhan Bank, which climbed 8.5 per cent on beating profit estimates.

Attribution: Reuters

Subediting: M. S. Salama