Sensex, Nifty Gain On Global Cues; Kotak Shares Rally Nearly 4%

Indian shares opened on a positive note Monday as disappointing U.S. jobs and services sector data raised hopes that the Federal Reserve could start cutting interest rates soon.

The benchmark S&P BSE Sensex inched up 457 points, or 0.6 percent, to 74,337 in early trade while the broader NSE Nifty index was up 110 points, or half a percent, at 22,586.

Kotak Mahindra Bank rallied 3.7 percent after the private sector bank reported an 18 percent increase in Q4 net profit on healthy loan growth.

IDBI Bank rose over 2 percent after quarterly profit jumped 44 percent year-on-year.

Mahindra & Mahindra Financial Services advanced 1.7 percent as it reported a 10 percent decline in Q4 standalone profit and tax.

BirlaCorp surged 4.3 percent on reporting a 127 percent jump in its consolidated net profit for the quarter ending March 2024.

Muthoot Finance edged up slightly after its arm Belstar Microfinance filed draft red herring prospectus with SEBI for a Rs. 1,300 crore IPO.

One 97 Communications tumbled 3.8 percent after Paytm COO and President Bhavesh Gupta resigned.

Indian Overseas Bank fell about 2 percent after it published a sales notification, unveiling plans to sell 92 NPA loans worth Rs. 13,472 crores through e-auction.

JSW Infrastructure dropped nearly 2 percent on reports it plans to invest over Rs. 2,500 crores in fiscal year 2025 to expand its cargo handling capacity.

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