Sensex Jumps 400 Points, Nifty Crosses 25,050 Mark: ICICI Bank and HDFC Bank Drive Market Surge

Stock Market Today News: HDFC Bank, ICICI Bank see strong investor interest lifting the market sentiments.

The benchmark equity indices bounced back after a weak start on Monday, with the Sensex rallying over 400 points and the Nifty reclaiming the 25,000-mark, led by buying in banking heavyweights ICICI Bank and HDFC Bank.

Sensex had opened on a firm note but soon slipped 148.68 points to 81,609.05 in early trade. The broader Nifty also declined 67.55 points to 24,900.85.

However, both indices recovered losses and moved into positive territory. Around 11 a.m., the Sensex was trading 378.59 points or 0.46 percent higher at 82,136.32, while the Nifty was up 98 points or 0.39 percent to 25,066.40.

ICICI Bank, ETERNAL, HDFC Bank, Hindalco Industries and UltraTech Cement were among the major gainers, rising up to 3 percent intraday.

Key drivers of the market rebound:

1. Banking stocks lead gains: ICICI Bank shares rose 3 percent after the lender reported a 15.9 percent rise in 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 also gained more than 2 percent despite reporting a 1.31 percent drop in consolidated net profit to Rs 16,258 crore for the same period.
2. Foreign fund inflows: Foreign Institutional Investors (FIIs) were net buyers on Friday, purchasing equities worth Rs 374.74 crore. Consistent FII buying typically supports market sentiment.
3. Positive global cues: Most Asian markets traded in the green, with South Korea’s Kospi and Hong Kong’s Hang Seng posting gains. Wall Street Futures also indicated a firm opening for US markets.

Technical view

Anand James, Chief Market Strategist at Geojit Financial Services, said Nifty’s weakness would likely persist if it stays below the 25,030 level. A move above 25,120 may trigger short covering, he added. On the downside, a breach of 24,920 could bring 24,000 back into focus, with intermediate supports at 24,800 and 24,450.

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According to the source: Moneycontrol.