By Bharath Rajeswaran and Hritam Mukherjee (Reuters) -Indian shares closed lower on Monday, as lacklustre earnings and another bout of profit-booking overpowered a post-results rally in top private lender HDFC Bank.

HDFC Bank Ltd., India’s largest private lender, second-quarter profit came ahead of analysts’ expectations helped by strong growth in deposits and loans.

By Bharath Rajeswaran and Hritam Mukherjee (Reuters) -Indian shares reversed early gains on Monday, as broad-based profit-booking overpowered a post-results rally in top private lender HDFC Bank. The NSE Nifty 50 fell 0.

The shares of HDFC Bank surged as much as 3.03 per cent Monday as the markets reacted positively to the bank’s earnings for the second quarter of the current financial year (Q2FY25). As of 09:29 am, the shares of HDFC Bank were trading 2.

HDFC Bank, India's largest private lender, beat analysts' forecasts for July-September profit on Saturday, helped by higher core lending income, while margins were slightly lower on a sequential basis.

HDFC Bank's net revenue grew by 9.2 per cent to Rs 41,600 crore for the quarter, up from Rs 38,090 crore for the same quarter last year.

Leading private sector lender HDFC Bank on Saturday reported a net profit of Rs 16,820 crore in the July-September quarter, a growth of 5 per cent from the corresponding quarter last year. Adjusted for trading and mark-to-market gains and tax credits in the prior year,

HDFC Bank , India’s largest private sector lender, has announced a net profit of Rs 16,821 crore for the second quarter of fiscal year 2024-25, reflecting a 5 per cent year-on-year increase and surpassing analysts' expectations.