Sensex gains 400 points, Nifty rises by 100 points: ICICI Bank, HDFC Bank, Reliance Industries share performance today

ICICI Bank and HDFC Bank led the gainers on July 21 morning rally of the Sensex, after investors responded positively to the lenders’ earnings. 

ICICI Bank traded close to 2.4 per cent higher in the first couple of hours of the market, after it posted a 15.9 per cent jump in quarterly consolidated net profit of ₹13,558 crore. HDFC Bank also gained from the momentum of its peer, even as it posted a 2 per cent slip in consolidated net profit of ₹16,258 crore for the three-month period, with the stock jumping by about 2 per cent.

The other gainers in the 30-stock benchmark index were Zomato-parent Eternal, Tata Steel, UltraTech Cement, and BEL. Despite posting a significant jump in earnings—with quarterly net profit of ₹26,994 crore—over the weekend that beat street estimates, Reliance Industries shares plunged to become the biggest laggard of the index.

Both Nifty and Sensex slipped on open, but quickly recovered after the lender stocks rallied. Sensex gained as much as 395 points to hit an 82,153.61 high while the Nifty rose by 102 points to as high as 25,071.05.

Market watchers said that investors would be on the lookout for developments in the US-India trade deal. “The single most important factor that the market will be focusing on in the coming days will be the outcome of the trade talks between the US and India,” said V.K. Vijayakaumar of Geojit Investments, “If an interim trade deal between the two countries is reached with a tariff rate of less than 20 per cent on India, that would be positive from the market perspective.” 

“Weekend [first-quarter] results were good with ICICI Bank reporting the best numbers, particularly in PAT and credit growth. HDFC Bank also reported a steady set of numbers,” Vijayakumar added.

Last week, Indian markets ended in the red as the Sensex lost more than 500 points and the Nifty shed at least 140 points on Friday alone. 

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