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The lender’s net profit grew 8.5% from the same quarter last year to ₹13,701.7 crore, higher than the CNBC-TV18 poll of ₹12,949 crore. Net Interest Income (NII) grew by 8.4% year-on-year to ₹22,979.2 crore from ₹21,193 crore. Core income was also marginally higher than the poll figure of ₹22,755 crore. Gross NPA improved to 1.4% from 1.53%, while Net NPA improved to 0.33% from 0.37% last quarter. Board has recommended a dividend of ₹12 per share.

India’s largest private lender reported net profit of ₹19,221 crore, marginally higher than the CNBC-TV18 poll of ₹19,024.8 crore. Net Interest Income stood at ₹33,081.5 crore compared to the CNBC-TV18 poll of ₹33,738 crore. Net profit on a year-on-year basis grew 9.1%, while Net Interest Income grew 3.2% from last year. Asset quality improved with Gross NPA at 1.15% from 1.24%, while Net NPA improved to 0.38% from 0.42% in the previous quarter. Provisions were largely flat sequentially.

GIFT Nifty is higher, trading at a premium of nearly 100 points from Nifty Futures Friday’s close, indicates a start in the green for the Indian market

The Nifty Bank has been a key factor behind the recovery seen on the Nifty from the recent lows.

That will again be the index to watch as HDFC Bank, ICICI Bank and Yes Bank, all react to their quarterly results that were reported on Saturday.

HDFC Bank had a subdued quarter, while ICICI Bank and Yes Bank reported a strong quarter.

24,000 has now become the most important level on the downside for the Nifty.

The index for now is comfortably above that but the bulls would hope that even if the market reacts negatively to the weekend developments, it does not fall below those levels.

On the upside, last week’s high of 24,400 will be an important one to watch for the Nifty.

All eyes will be on the GIFT Nifty as to how it reacts to all the developments that have taken place over the weekend.

The GIFT Nifty had surged as much as 400 points on Friday when Iran had declared the Strait of Hormuz to be open, only to shut it on Saturday.

Asian markets have opened mostly higher in early trading on Monday, brushing aside the fall seen in the US futures and the rebound in oil prices.

The Nikkei 225 and the KOSPI have both seen gains of up to 0.7% each, while futures on the Hang Seng are pointing to a subdued start as well.

The market had rallied over the last two weeks on hopes of the US-Iran talks reaching a conclusion and peace prevailing over West Asia.

That, now appears to be in jeopardy with the latest US-Iran standoff in the Strait of Hormuz. You can on that here.

As a result of that, US futures are trading lower with the Dow futures declining as much as 500 points. The S&P 500 and Nasdaq, which ended at record highs on Friday, are also seeing their futures trade lower.

Oil prices have also staged a rebound this morning after Friday’s plunge.

The Nifty is up over 2,000 points from the recent low of 22,182.

The bulls would hope that this level becomes the low for the year.

However, multiple factors will put this recovery to test in today’s trading session.

Details in subsequent posts.

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