Stock market benchmark Sensex surged over 800 points in intraday deals on Friday, 17 July, powered by index heavyweights Reliance Industries, HDFC Bank, and ICICI Bank, even as mid and small-cap segments remained under pressure amid escalating US-Iran tensions and higher crude oil prices.
Sensex jumped over 800 points, or more than 1%, to an intraday high of 78,013, while Nifty 50 jumped over 200 points, or nearly 1%, to reclaim 24,289 during the session.
On the other hand, the Nifty Midcap 100 and Smallcap 100 indices dropped up to 1% during the session.
The outperformance of benchmark indices is because of the stellar show displayed by shares of major index heavyweights, including Reliance Industries, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank, ahead of their Q1 results.
Bank Nifty jumped 1% during the session, while the Nifty Private Bank index soared 1.5%. Nifty PSU Bank index, however, slipped by 0.30% during the session.
Reliance will report its Q1 results after market hours today (17 July), while major private banks, such as HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and Axis Bank will report their June quarter earnings tomorrow (Saturday, 17 July).
Experts expect private sector banks to report healthy numbers.
As brokerage firm Anand Rathi Share and Stock Brokers highlighted, the sectoral credit growth of Indian banks remained strong at nearly 17.7% year-on-year (YoY), led by industrial and gold loans, and continued deposit growth (nearly 12% YoY) as of 15 June 2026.
“FCNR (B) inflows are expected to support deposit growth from Q2FY27E onwards. We expect NII across our coverage universe to grow nearly 11% YoY in Q1FY27, while asset quality and credit cost are likely to remain stable (except for seasonal stress in agriculture, KCC and MFI). Lower bond yields are expected to support treasury gains and overall earnings,” said Anand Rathi.
(This is a developing story. Please check back for fresh updates.)
