Stock markets rebound on buying in HDFC Bank, ICICI Bank; Sensex climbs 442.61 pts
Mumbai, Jul 21 (PTI): Benchmark BSE Sensex surged by 442 points while Nifty closed above the 25,000 level on Monday following buying in blue-chip private banking shares HDFC Bank and ICICI Bank after their quarterly earnings.
Snapping the two-day falling streak, the 30-share BSE Sensex climbed 442.61 points or 0.54 per cent to settle at 82,200.34. During the day, it surged 516.3 points or 0.63 per cent to 82,274.03.
The 50-share NSE Nifty jumped 122.30 points or 0.49 per cent to 25,090.70. The 50-issue index had slid below the 25,000 mark to settle near a month's low on Friday.
Firm trend in Asian markets and fresh foreign fund inflows also supported the markets.
Among Sensex firms, Eternal surged the most by 5.38 per cent post its first quarter numbers.
ICICI Bank jumped 2.76 per cent after the company posted a 15.9 per cent jump in its consolidated net profit for the June quarter to Rs 13,558 crore compared to Rs 11,696 crore in the year-ago period.
HDFC Bank climbed 2.19 per cent despite the firm reporting a 1.31 per cent decline in its consolidated net profit to Rs 16,258 crore for the June 2025 quarter.
Mahindra & Mahindra, Bharat Electronics, Kotak Mahindra Bank and Tata Motors were also among the gainers.
However, India's most valuable company Reliance Industries declined 3.29 per cent even after the firm reported its highest-ever quarterly profit of Rs 26,994 crore for the April-June quarter, reflecting a growth of 78.3 per cent over the year-ago period, driven by consumer businesses and investment sales.
HCL Tech, Hindustan Unilever, Tata Consultancy Services and ITC were also among the laggards.
"Positive results from banking majors supported the market to rebound after many days of consolidation. The market remains highly reactive to earnings, indicating that investors remain focused on the earnings front to aid valuation," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The initial reaction to earnings from heavyweights like Reliance, ICICI Bank, and HDFC Bank led to sharp swings, Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The market currently reflects a tug-of-war between bulls and bears, with the focus primarily on earnings for further direction, he added.
The BSE midcap gauge climbed 0.55 per cent, while smallcap index ended flat, down 0.01 per cent.
Among BSE sectoral indices, capital goods jumped 1.33 per cent, bankex (1.28 per cent), financial services (1.26 per cent), metal (0.98 per cent), commodities (0.73 per cent), auto (0.66 per cent) and consumer discretionary (0.63 per cent).
Oil & Gas declined 0.70 per cent, FMCG (0.49 per cent), IT (0.30 per cent), BSE Focused IT (0.27 per cent) and teck (0.13 per cent).
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory. Equity markets were closed in Japan for a holiday.
European markets were trading lower. The US markets ended on a mixed note on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 374.74 crore on Friday, according to exchange data.
Global oil benchmark Brent crude declined 0.48 per cent to USD 68.93 a barrel.
On Friday, the Sensex tanked 501.51 points or 0.61 per cent to settle at 81,757.73. The Nifty dropped 143.05 points or 0.57 per cent to close at 24,968.40.
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LoP Ashoka targets CM govt over corruption, says being 'shameless' in public life not forgivable
Bengaluru (PTI): Targeting Chief Minister Siddaramaiah and the Congress government in Karnataka on corruption, BJP leader R Ashoka on Friday said, being foolish was forgivable, but being "shameless" in public life was not.
The Leader of Opposition in the state Assembly claimed that in just 30 months of its tenure, the Congress administration has broken every previous record on corruption-related controversies.
He was responding to Siddaramaiah's post on 'X' on Thursday hitting back at the BJP, stating that Upa Lokayukta Justice Veerappa's claims of "63 per cent corruption" were based on his report in November 2019, when BJP's B S Yediyurappa was the CM.
"But Ashoka, without understanding the Upa Lokayukta's statement properly, has ended up tying the BJP's own bells of sins onto our heads and has effectively shot himself in the foot," the CM had said, as he accused Ashoka of foolishness for trying to twist Veerappa's statement to target the current government.
Responding, Ashoka said, "it is one thing to be called foolish in politics, that can be forgiven."
"But in public life, especially in the Chief Minister's chair, one must never become shameless," Ashoka posted on 'X' on Friday addressing Siddaramaiah.
Noting that the CM himself had admitted on the floor of the Assembly that a Rs 87 crore scam took place in the Valmiki Development Corporation, he said that when a CM acknowledges such a massive irregularity inside the floor of the House, the natural expectation is immediate action and accountability.
"But instead of taking responsibility, you continue in office as if nothing has happened. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
Pointing out that the CM's Economic Advisor and senior Congress MLA Basavaraja Rayareddy had publicly stated that under Congress rule, Karnataka has become No.1 in corruption, Ashoka said, "Yet, you still cling to the Chief Minister's chair without a moment of introspection. What should the people of Karnataka call this, if not sheer shamelessness."
Senior Congress MLA C R Patil had exposed the "money for House" racket in the Housing Department and even warned that the government would collapse if the details he has were made public, Ashoka said.
"Despite such serious allegations from within your own party (Congress), you neither initiated an inquiry nor acted against the concerned minister. What should the people of Karnataka call this, if not sheer shamelessness," Ashoka asked the CM.
Highlighting the "40 percent commission" allegation Congress made against the previous BJP government, the opposition leader said, the commission that the Siddaramaiah government appointed concluded that the accusation was baseless.
"After your own panel demolished your own claim, what moral right do you have to continue repeating that allegation. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
For the last two and a half years, Karnataka has been 'drowning' in corruption, scandals, irregularities and allegations across departments. Ashoka said, "If I begin listing every case that emerged under your government, even 24 hours would not be enough."
"And the most tragic aspect of your administration is this: the unbearable pressure, corruption demands and administrative harassment under your government pushed several officers and contractors into extreme distress - including the suicide of Chandrasekharan which exposed the Valmiki Development Corporation scam - a sign of how deeply broken the system has become under your watch," he said.
Instead of fixing this hopeless environment, the government has tried to bury every complaint and silence every voice, he charged.
"Being foolish is forgivable, but being shameless in public life is definitely not."
"When your own ministers admit scams, when your own advisors certify Karnataka as No.1 in corruption, and when your own MLAs expose rackets inside your departments - clinging to power without accountability is not leadership. It is shamelessness in its purest form." PTI KSU
Earlier on Thursday Ashoka had demanded that the corruption case and allegations in the state against the Congress government be handed over to a CBI investigation, citing a reported statement by Upalokaykta Justice Veerappa alleging "63 per cent corruption", following which Siddaramaiah hit back at the BJP leader.
