Indian shares open marginally higher led by private banks
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 20 2024
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Source: reuters
- Indian Stock Market: Indian shares opened slightly higher, driven by private sector banks following positive comments from Macquarie, while a decline in pharma stocks limited gains.
- Market Performance: NSE Nifty 50 was up 0.06%, and S&P BSE Sensex rose 0.17% in early trading.
- Private Banks: Private bank index increased by 0.5%, with Kotak Mahindra Bank and City Union Bank rising 2.2% each after being upgraded by Macquarie.
- Analysts' Expectations: Analysts anticipate the market to remain stable around current levels before first-quarter results and the upcoming union budget.
- Pharma Sector: Seven out of 13 major sectors experienced losses, with pharma stocks dropping 0.7% due to Sun Pharma's decline following a warning letter from the U.S. drug regulator.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
