Indian market ends higher on Wednesday, Modi-Trump friendly exchange makes market hopeful
The top BSE Sensex gainers for the day were HDFC, Adani Ports, Hero MotoCorp, Axis Bank and Coal India while Wipro, Bharti Airtel, Infosys, Reliance and NTPC were the laggards.
The Indian market is also eagerly waiting to see how US President Trump's policies pan out for India, especially with Trump's 'Buy American, Hire American' policy and his plans of clamping down on H-1B visas, media reported.
On the other hand, with PM Modi being one of the first global leaders to congratulate President Trump and the latter extending an invitation to the Indian PM to visit the US later this year, had also raised some hopes.
HDFC Bank reported its December quarter earnings on Tuesday, showing steady growth in net profit despite the uncertainties regarding the demonetisation and the withdrawal of banned currency notes, media reported.
India's second largest private sector lender reported 15.1 per cent growth in net profit to Rs. 3865.3 crore, which was more than analysts' expectations.
Net interest income (interest earned less interest expended) for the quarter grew by 17.6 per cent to Rs. 8,309.1 crore, driven by average assets growth of 18.6 per cent and a net interest margin for the quarter of 4.1 per cent.
The lender said that as of the third quarter of FY17, Capital Adequacy Ratio (CAR) at 31-Dec-16 stood at 15.9 per cent as against a regulatory requirement of 9 per cent.
As of Dec 31, 2016, HDFC Bank's distribution network in the country included 4,555 branches and 12,087 ATMs across 2,597 cities/towns.
Image: Wikimedia Commons
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