Bank Nifty crossed its previous high of 57,628 on October 17 on optimism over positive September quarter results of HDFC Bank, ICICI Bank, scheduled to be announced on October 18.
The sectoral index rose 400 points to hit a new high of 57,823 on October 17.
The sectoral index rose 10,000 points from the lows it hit in March 2025.
From 2025 lows, HDFC Bank stock rose 18% while ICICI Bank and Axis Bank rose 18% and 17%, respectively. Kotak Mahindra Bank rose 15% during the same period.
IDFC First Bank and State Bank of India rose 28% and 22%, respectively. Federal Bank climbed 19%. Canara Bank saw 52% jump while AU Small Finance Bank witnessed a 46% growth. Punjab National Bank and Bank of Baroda rose 30% each.
Equity benchmarks reversed early losses on October 17, pushing Nifty 50 to a one-year high.
The Nifty 50 rose 0.42% to 25,693.3, highest since October 1, 2024 while the BSE Sensex added 0.50% to 83,887.58 as of 10:36 am. IST. Both the indexes fell about 0.2% at open.
The benchmarks ended Thursday at three-month highs and now sit less than 3% below their record peaks reached in September 2024.
Markets are witnessing a bullish consolidation following a recent rally, and ahead of the results of ICICI Bank, HDFC Bank on Saturday and Reliance post market on Friday, said two analysts, reported Reuters.
Reliance and ICICI Bank rose 0.9% and 0.6% respectively, while HDFC Bank gained 0.4%.
"Good results from HDFC Bank and ICICI Bank can support the market and if Reliance also joins the rally, after its results, the market can sustain the momentum further," said VK Vijayakumar, chief investment strategist at Geojit Investments.
HDFC Bank is expected to deliver a muted performance for the July–September quarter (Q2FY26), as higher credit costs and the full impact of the June repo rate cut are likely to put pressure on its margins.
According to Moneycontrol’s poll, HDFC Bank’s net interest income (NII) is projected to rise modestly by 3% year-on-year (YoY) to Rs 31,105 crore in Q2FY26, compared to Rs 30,111 crore in Q2FY25. Meanwhile, the lender’s profit is estimated to decline by 0.6% YoY to Rs 16,714 crore in Q2FY26, from Rs 16,821 crore in the same period last year.
The Mumbai-based private lender is expected to report a 7% increase in revenue to Rs 44,507 crore from Rs 41,597 crore a year ago, according to the mean estimate from 5 analysts, based on LSEG data.
LSEG's mean analyst estimate for HDFC Bank Ltd is for earnings of Rs 10.63 per share.
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