The Indian benchmark equity indices Sensex and Nifty50 opened modestly higher on Friday, following a four-day fall due to weak earnings and continued foreign outflows. However, private lender IndusInd Bank restrained the indices' gains as they opened 10% down.
Around 9:20 a.m., the BSE Sensex was trading 110 points higher, or 0.14%, at 80,175, and the Nifty50 was up 17 points, or 0.07%, at 24,416.
From the Sensex pack, ITC, Axis Bank, HCL Technologies, Asian Paints, and Sun Pharma opened higher, while IndusInd Bank, NTPC, Mahindra & Mahindra, L&T, and JSW Steel opened lower.
IndusInd Bank shares fell 10% after the lender reported a 39% year-on-year reduction in net profit for the quarter ending September 2024. The bank's net profit for the second quarter was Rs 1,325 crore, which fell short of projections.
Meanwhile, ITC shares climbed by more than 3.5% as the company's income from operations increased 15.6% year on year to Rs 22,282 crore in Q2 FY25, beating expectations of Rs 18,068 crore.
Shriram Properties' shares plunged 6% after Enforcement Directorate inspectors conducted searches at its Bengaluru and Chennai offices.
Nifty Bank, Auto, Media, Metal, PSU Bank, Realty, Consumer Durables, and Oil & Gas opened 1.3% lower, while Nifty Financial Services, FMCG, IT, Pharma, and Healthcare rose.
