ICICI BANK (ICICIBANK)
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Reliance Surges Most Since 2020, Lifting Sensex 1,233 Points
The BSE Sensex closed at 75,692.78, up 1,233.25 points or 1.66%, while the Nifty 50 settled at 23,440.80, gaining 387.70 points or 1.68%, as Reliance Industries posted its strongest single-day gain since April 2020. The rally was driven by better-than-expected second-quarter earnings, improving domestic economic indicators, foreign investors turning buyers, and crude oil's retreat from a six-month high. The Nifty Oil & Gas index surged nearly 6% and the Nifty Metal index rose more than 3%, with Tata Steel, JSW Steel and Shriram Finance among the top gainers and the Nifty Smallcap 250 up 1.35%.
Oil drops 3% to 12-day low as Iran braces for US 'economic D-Day'
Crude oil prices fell over 3% to a 12-day low despite fresh US sanctions on Iran, as markets shrugged off the impact and focused on demand concerns. Iran claims a two-year plan to cope with Washington's 'economic D-Day,' while India pivots to US for LPG and LNG amid West Asia supply disruptions. Analysts warn that higher crude prices risk demand destruction, and China's role in sanctions is a key factor for global markets.
Private lenders wrap up Q2 earnings as HDFC Bank posts 5% profit rise
The Q2 earnings season for the private lenders accelerated on October 17 when HDFC Bank, ICICI Bank, Axis Bank and Yes Bank released their results for the July-September quarter of the ongoing financial year. India’s largest private lender HDFC Bank reported a 5% YoY rise in net profit to Rs 19,510 crore, delivering a largely in-line performance, although the market reaction was muted. The shares of the lender have dropped 6% since the earnings announcement.
HDFC, Axis, ICICI top in minimum balance penalties
HDFC Bank, Axis Bank, and ICICI Bank continue to lead among all public sector banks (PSBs) for collecting maximum penalties from customers with low average balances.
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