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Sensex jumps as Reliance and major banks lift India stocks ahead of results
The Sensex reached an intraday high of 78,045, while Nifty reclaimed 24,298, as investors looked toward Q1 earnings from index heavyweights.
Indian stocks rose sharply on Friday, July 17, with the Sensex gaining more than 800 points in intraday trade and topping an intraday high of 78,045, as index heavyweights such as Reliance Industries, HDFC Bank, and ICICI Bank led the advance.
The Nifty 50 also climbed by more than 200 points to reclaim 24,298 during the session. However, mid and small-cap segments lagged, with the Nifty Midcap 100 and Smallcap 100 indices falling by up to 1%, according to LiveMint Markets.
Market strength was linked to expectations for stellar Q1 results from several large names, including Reliance Industries, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank. LiveMint Markets said Reliance shares rose more than 2%, while HDFC Bank, ICICI Bank, and Axis Bank gained up to about 2%, as Bank Nifty climbed about 1% and the Nifty Private Bank index gained roughly 1.5%.
Reliance is scheduled to report its Q1 results after market hours on July 17, while major private banks are set to report their June quarter earnings on Saturday, July 18. LiveMint Markets also cited commentary from broker Anand Rathi Share and Stock Brokers that Indian banks’ sectoral credit growth was strong at nearly 17.7% year on year as of June 15, alongside deposit growth of about 12% year on year.
Latest closeSensex 77,185.43 ▲0.2%