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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
