DSIJ Mindshare

ICICI Bank, one of India's largest private sector banks, posted Q4FY18 and full year results on Monday. The NII for the quarter rose by 1 per cent in Q4FY18 vs Rs. 5,962 crore in Q4FY17. This minimal growth was largely due to higher interest expenses, which increased by 8 per cent yoy. The interest income for the quarter rose by 5.1 per cent yoy.

Nifty Energy index which closed 1.6 per cent up contributed to the upsurge in the major indices. It formed an Inverse Head & Shoulders pattern and recently gave a bounce back after a pullback of 4 consecutive sessions up to the neckline level. We may see the index giving some more upside in the near term.

The IT index witnessed its third consecutive downward tick on Friday from the peak levels, possibly on account of profit-booking. The index consolidated at higher levels, which was followed by correction for three days.

Indian benchmark indices successfully beat their major multiple resistance level after struggling for nearly two and a half months. While the markets were dragged down badly by the PSU banks, the private banks become major contributors to the positive reversal. Four Sensex stocks including private banks hit all-time high on Monday.

Axis Bank posted its first-ever quarterly net loss in Q4FY18 in the wake of increased provisions and contingencies. Axis Bank which holds 7.5 per cent weightage in the Bank Nifty, pulled Bank Nifty up to trade with 1.2 per cent gains.