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Indian Stocks Soar as Banks and Autos Lead the Charge
23 Jul
Summary
- Nifty 50 and Sensex indices rise over 0.6% on Wednesday
- HDFC Bank and ICICI Bank hit record highs, boosting overall market
- Nifty Bank index underperforms, while Nifty Midcap 100 sheds over 200 points
The Indian stock market had a strong performance on Wednesday, with the benchmark Nifty 50 index rising 159 points, or 0.63%, to close at 25,220, and the S&P BSE Sensex adding 540 points, or 0.66%, to settle at 82,727. The rally was led by gains in large-cap banks and auto stocks, as investors continued to cheer the earnings momentum of HDFC Bank and ICICI Bank, both of which hit record highs.
However, the Nifty Bank index underperformed, slipping 454 points to end at 57,210, while the Nifty Midcap 100 shed 204 points to close at 59,307. Reliance Industries also contributed to the overall index gains, adding nearly 1%.
The auto sector advanced on optimism over potential easing in U.S. tariff discussions, with the Nifty Auto index ending 1% higher. On the other hand, Infosys fell sharply in the final hour of trade, ahead of its quarterly earnings, and Colgate-Palmolive (India) slipped 4% after reporting a weak set of Q1 results.
