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Shares of ICICI Bank surged on Monday morning, acting as the primary anchor for Indian benchmarks as markets grappled with a massive spike in global energy prices. By 10:30 AM IST, the private lender's stock was trading at ₹1,365.30, up ₹18.50 or 1.37% from its previous close.

Provisions Crash 90%

Investor sentiment was bolstered by the bank’s Q4 performance reported over the weekend. ICICI Bank saw its net profit climb 9% year-on-year to ₹13,702 crore, primarily driven by robust loan growth and a 90% plunge in provisions, which fell to just ₹96 crore.

Financial Highlights:

• Net Interest Income (NII): Increased 8% to ₹22,979 crore.
• Net NPA Ratio: Improved to 0.33% from 0.39% a year ago.
• Dividend: The board recommended a dividend of ₹12 per share.

Defying the $96 Oil Surge

The stock's resilience comes at a critical time for the broader market. Brent crude has surged 6.3% to cross $96 per barrel this morning following the U.S. seizure of an Iranian-flagged vessel and the breakdown of talks in Pakistan. While high oil prices typically trigger a sell-off in Indian equities due to inflation fears, the banking sector, led by ICICI, is currently providing a "liquidity shield."

The stock showed upward momentum by mid-morning, with the current price of ₹1,365.30, hence reflecting a steady 1.37% gain. Trading activity remained intense as the stock hit an intraday high of ₹1,376.40 after recovering from an early morning low of ₹1,355.10. Market participants are closely watching the Volume Weighted Average Price (VWAP), which currently stands at ₹1,368.18, thus indicating that the stock is maintaining strength near its peak trading zones for the session.