India’s Nifty 50 Poised for Record High on Strong ICICI Bank Results
India’s Nifty 50 index is on track to reach an all-time high on Monday, buoyed by gains in Asian markets and a likely boost from ICICI Bank following its strong quarterly results. The GIFT Nifty stood at 25,073.5 points as of 8:20 a.m. IST, indicating that the Nifty 50 will open above its previous record high of 24,861.15 set on Friday.
The benchmarks have experienced an impressive run, rising for eight consecutive weeks, marking their longest such streak since 2010. Last week, the Nifty added 1.24%, while the S&P BSE Sensex gained 0.9%.
Saurabh Jain, assistant vice president for research at SMC Global Securities, commented, “Markets are expected to swiftly adjust to the budgetary measures and shift focus towards corporate earnings growth trajectory.”
Asian shares surged as Wall Street closed higher on Friday, with key inflation data aligning with expectations and keeping hopes for early rate cuts alive.
Domestically, ICICI Bank will be a focal point after reporting a larger-than-expected first-quarter profit, driven by robust loan growth and strong core lending income. Conversely, Dr. Reddy’s, another Nifty 50 member, will be in focus after the drugmaker reported a decline in first-quarter profit over the weekend.
Foreign institutional investors (FII) turned net buyers on Friday, purchasing stocks worth 25.46 billion rupees ($304 million). This marked a reversal after three consecutive sessions of net selling, with outflows since the union budget totaling approximately $1.3 billion.
As markets open, all eyes will be on how the Nifty 50 performs, particularly in light of these positive domestic and international cues.
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