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On Monday, India’s blue-chip stocks declined in line with their Asian counterparts as the Middle East conflict worsened investor sentiment. However, losses were limited by a rise in private lender ICICI Bank due to strong earnings.
All 13 of the major sectors experienced losses. Following the appointment of international banker Ashok Vaswani as managing director and CEO on Monday, Kotak Mahindra Bank saw a 2% decline. Most analysts anticipated that Uday Kotak would be replaced by an insider.
On the other hand, private lender ICICI Bank increased as much as 1.29%, limiting losses on the Nifty 50 after exceeding expectations for the quarter and reporting a nearly 36% increase in net profit. The weight of the stock in the benchmark is third-highest.
As the conflict between Israel and Hamas grew more intense and damaged sentiment, Asian markets fell by 0.5%.