HDFC Bank Lifts Indian Markets to 10-Week High
Indian benchmark indices climbed to their highest levels in 10 weeks on Monday, supported by strong gains in banking stocks and easing crude oil prices. The Nifty 50 rose 0.66% to 24,430.35, while the Sensex advanced 0.67% to 78,285.07. Improved market sentiment was driven by lower oil prices, a narrowing rainfall deficit, and renewed interest from foreign investors after an extended period of selling.
HDFC Bank emerged as the biggest contributor to the rally, with its shares rising 3.6% after reporting a 15.4% increase in gross advances for the June quarter. Other private lenders, including IndusInd Bank, Bandhan Bank, and Karur Vysya Bank, also posted strong gains following positive quarterly business updates. However, Kotak Mahindra Bank declined after reporting relatively weaker growth, limiting gains in the banking index.
Most sectors ended in positive territory, with small-cap and mid-cap stocks extending their upward momentum. In contrast, the IT sector slipped as investors awaited the start of the first-quarter earnings season, with expectations of muted results due to AI-driven pricing pressure, weaker client spending, and ongoing global geopolitical uncertainties.
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