GIFT Nifty Signals Higher Open On April 20; Asian Markets Mixed; HDFC Bank, ICICI Bank Shares In Focus

The Indian benchmark indices, Sensex and Nifty 50, are expected to open on a positive note on Monday, tracking mixed global cues as investors remain cautious amid ongoing tensions in West Asia.

Trends in Gift Nifty also signal a firm start. Gift Nifty was hovering around the 24,476 mark, indicating a premium of nearly 108 points over the previous close of Nifty futures.

Asian Markets: Kospi, Nikkei 225 trade mix on escalating US-Iran tensions

Asian markets traded mixed on Monday, April 20, as investors remained cautious, closely monitoring escalating tensions in the Middle East between Iran and the United States.

South Korea’s Kospi edged up 0.27%, while the small-cap Kosdaq declined 0.52%. Japan’s Nikkei 225 advanced 0.62%, and the Topix climbed 0.68%. Meanwhile, Australia’s S&P/ASX 200 slipped 0.39% on Monday.

Hong

Kong’s Hang Seng index futures stood at 26,502, indicating a higher opening compared to its previous close of 26,160.33.

Sensex, Nifty Recap

On Friday, domestic markets witnessed a strong rally, with the Nifty 50 reclaiming and holding above the 24,300 level. The Sensex rose 504.86 points, or 0.65%, to close at 78,493.54, while the Nifty 50 gained 156.80 points, or 0.65%, to settle at 24,353.55.

Sensex outlook

Technically, the Sensex has formed a bullish candle on the weekly chart and is maintaining a higher-bottom structure on daily charts, indicating a positive bias. The index is also trading comfortably above its short-term moving averages.

According to Amol Athawale of Kotak Securities, the near-term trend remains bullish, though traders may adopt a buy-on-dips and sell-on-rallies strategy. Key support is seen at 77,500–77,000, while resistance is placed at 79,500–79,800. A breach below 77,000 could weaken sentiment and trigger a retest of 76,000–75,800 levels.

Nifty 50 outlook

The Nifty 50 has formed a strong bullish candle on the weekly chart for the third consecutive week, reflecting sustained buying interest.

Analysts note that the index is approaching a key resistance near 24,400. A decisive breakout above this level could pave the way for an upside move towards 24,700–24,800 in the near term. Immediate support is placed around 24,100, while the broader structure continues to favour a buy-on-dips approach.

Derivatives data also suggests a mildly positive bias, with put writing concentrated around the 24,200–24,000 levels. Cooling volatility, with India VIX near 17, is further supporting the bullish undertone.

Bank Nifty outlook

The Bank Nifty index ended Friday’s session 0.85% higher at 56,565.70 and has formed a bullish weekly candle for the second straight week.

The index is currently consolidating within the 55,842–56,834 range. A breakout on either side could determine the next directional move. Immediate resistance is seen at 56,900–57,000, while support lies in the 56,100–56,000 zone.

A sustained move above resistance could push the index towards 57,400–57,800, while holding above 54,900–55,500 keeps the overall trend positive.

Stocks to watch

Several stocks will remain in focus on Monday, including HDFC Bank, Yes Bank, ICICI Bank, Jio Financial Services, and Hindustan Petroleum Corporation Limited.

Jio Financial Services (Q4)

Jio Financial Services reported a sharp rise in total income, which nearly doubled to Rs 1,020 crore from Rs 518 crore a year ago. However, net profit declined 13.9% to Rs 272 crore from Rs 316 crore, indicating margin pressures despite strong topline growth.

Yes Bank (Q4)

Yes Bank delivered a strong performance, with net interest income (NII) rising 15.9% to Rs 2,638 crore. Operating profit increased 23.1% to Rs 1,618 crore, while net profit jumped 44.7% to Rs 1,068 crore. Asset quality improved, with gross NPAs declining to 1.3% from 1.5% sequentially, and provisions fell sharply by 41%.

HDFC Bank (Q4)

HDFC Bank posted steady growth in the March quarter. NII rose 3.2% to Rs 33,082 crore, while operating profit grew 4.8% to Rs 27,801 crore. Net profit increased 9.1% to Rs 19,221 crore. Provisions declined 18.3% to Rs 2,610 crore, and gross NPAs stood at 1.15%. The board also recommended a final dividend of Rs 13 per share and approved raising up to Rs 60,000 crore via debt.

ICICI Bank (Q4)

ICICI Bank reported healthy earnings growth, with NII rising 8.4% to Rs 22,979 crore. Operating profit increased 3% to Rs 18,199 crore, while net profit grew 8.5% to Rs 13,702 crore. Provisions dropped sharply by over 89% to Rs 96.2 crore, and asset quality improved, with gross NPAs easing to 1.4%. The bank also declared an interim dividend of Rs 12 per share and renewed its fundraise limit of Rs 25,000 crore.

Other key developments

• Hindustan Petroleum Corporation Limited received approval to increase the HRRL project cost to Rs 79,459 crore, with the company retaining a 74% stake.
• Lupin and Cipla received Form 483 observations from the US FDA following inspections at their manufacturing facilities.
• Bharat Heavy Electricals Limited withdrew its acceptance of a contract from MB Power and has filed a Rs 143 crore claim against Raichur Power Corp.
• Zee Entertainment Enterprises plans to invest Rs 116 crore in Phantom Digital Effects.
• Dredging Corporation of India signed an MoU worth Rs 2,157 crore with IOCL.
• Hathway Cable and Datacom appointed Gurjeev Singh Kapoor as COO and CEO-designate.