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Kotak Mahindra Bank, one of the major sectors affected, saw its shares drop by 2% following the unexpected appointment of Ashok Vaswani as CEO, succeeding Uday Kotak. On the other hand, ICICI Bank’s shares rose by 1.29% after reporting a 36% net profit surge that surpassed quarterly estimates, helping to limit Nifty 50 losses.
The intensifying conflict between Israel and Hamas further depressed Asian markets by 0.5%. Domestically focused small-cap stocks mirrored these losses, while mid-cap stocks dropped over 1%. Umeshkumar Mehta from Samco Mutual Fund raised liquidity concerns in mid-and small-cap stocks.
In other market news, Ipca Laboratories’ shares jumped 5% following a positive inspection from a US regulator. Despite posting strong quarterly results, Paytm’s shares fell by 3%. Meanwhile, Sunteck Realty reported a consolidated net loss for the September quarter.
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