The Indian benchmark indices opened marginally lower on Friday, following the trend of previous trading sessions. Despite positive global cues, the market saw weakness as FIIs continued their selling streak. However, experts believe that a recovery in earnings could lead to a change in the scenario and potentially shift the market towards a positive trend. Meanwhile, top gainers on the Sensex included names like Tech Mahindra, Infosys, and HCL Tech, while major losers were ICICI Bank and Reliance Industries.
Air India is celebrating Black Friday with a 96-hour sale offering up to 12% off on international flights and 20% off on domestic flights. Customers can book tickets until December 2 and travel until October 30, 2025. Additional discounts are available for payments made via UPI, debit cards, and credit cards, with further discounts for ICICI Bank credit card holders. Students and senior citizens can also enjoy exclusive discounts, making this the perfect opportunity to plan your next trip.
Indian equities continued their upward trend for the second day, with Nifty and Sensex both registering gains of over 1.5%. Bank Nifty also saw an increase of nearly 2%, led by gains in HDFC Bank, ICICI Bank, SBI and Axis Bank. This surge can be attributed to the positive sentiment post the state election results, which have been deemed as highly positive for the market. Analysts predict that the rally may continue for a few more days, driven by short covering and bullish momentum. Meanwhile, Asian markets also traded in the green as the US Treasury secretary selection caused a downward movement in the dollar and bond yields.
Several major Indian banks, including Axis Bank, RBL Bank, HDFC Bank, Bandhan Bank, ICICI Bank, UCO Bank, Bajaj Housing Finance, and IndusInd Bank, have reported their Q2 earnings, with varying levels of success. While Axis Bank and Bajaj Housing Finance saw profits surge, RBL Bank and IndusInd Bank shares plunged due to disappointing earnings. HDFC Bank and ICICI Bank also reported positive but more modest profit increases, while UCO Bank saw an improvement in bad loan recovery through the NCLT process. The mixed results, combined with global market trends, are driving the overall market sentiment.
In a session marked by selling pressure in financial, auto, and FMCG shares, the Nifty50 and Sensex closed lower, with the Sensex down 0.3% and Nifty50 down 0.1%. The market saw only brief moves above the flatline, with the Nifty50 moving within the 24,900-25,000 range. The top losers in the Nifty50 basket included M&M, ICICI Bank, Cipla, Adani Enterprises, and Maruti Suzuki, while top gainers included Trent, Hindalco, HCLTech, Tech Mahindra, ONGC, and JSW Steel. Despite the overall weak market trend, midcap and smallcap shares bucked the trend, with gains of 0.5% each in the Nifty Midcap and Nifty Smallcap indices. Keep up with the latest stock market updates and all other business news on Zeebiz.com.
In the latest twist to the Madhabi Puri Buch controversy, Congress has raised more questions regarding her retiral income and a one-year gap in which she claims no benefits were offered by ICICI Bank. The party alleges that she received a staggering ₹16.80 crore between 2017 and 2024 from the bank, and demands answers from SEBI regarding her pension, retiral benefits, and salary. ICICI Bank has defended itself by saying that all payments were accrued during Buch's employment phase with the group, but Congress questions how her pension could exceed her salary.
The Congress party has raised fresh allegations of conflict of interest against former SEBI Chairperson Madhabi Buch, who is currently working with ICICI Bank. The party questioned the bank's statement that it did not pay Buch any salary after her retirement and alleged that she was receiving a non-uniform "retiral benefit" from the bank. The party's media and publicity head, Pawan Khera, pointed out discrepancies in the amount and frequency of payments made to Buch and questioned whether a person's retiral benefit can exceed their annual salary. The party has asked Prime Minister Narendra Modi, as the head of the Appointments Committee of the Cabinet, to clarify on Buch's appointment.
The Indian National Congress party has accused the Chairperson of SEBI, Madhabi Puri Buch, of violating conflict of interest laws by accepting income from ICICI Bank while she was a whole-time member and later as the chairperson of the market regulator. According to the allegations, Buch received a total of Rs 16.80 crore from ICICI Bank between 2017 and 2024, which is five times more than her income from SEBI during the same period. However, ICICI Bank denied these allegations, stating that they have not paid any salary or granted any ESOPs to Buch after her retirement from the bank. These allegations have sparked controversy regarding the appointment process of the SEBI chairperson.
The Securities and Exchange Board of India (SEBI) has settled a case with ICICI Securities, a subsidiary of ICICI Bank, after it paid over Rs 69 lakh as settlement fee. This came after the company was accused of violating SEBI's guidelines and conducting fraudulent activities. This settlement marks a potential shift in the way SEBI handles cases of misconduct by companies and may lead to more efficient resolution of such disputes in the future.
The Indian stock market indexes, Sensex and Nifty, remained steady on Wednesday amidst a mixed response from global markets. Stocks such as Tata Steel and ICICI Bank faced losses while companies like IndusInd Bank and Infosys showed growth. Meanwhile, the state-owned construction company, NBCC India, saw a surge of over 6% in its shares. Midcap and smallcap indices reached new highs, but sectors like banks and metals faced losses while media and IT companies saw buying trends. Market experts predict a consolidation phase with low volatility and a slight upward bias in the near future.