📊Nifty advances for the 3rd consecutive day; hits 2-week high intraday mainly led by IndusInd Bank & Axis Bank
Here's how the market panned out today!
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IndusInd, HDFC Bank Surge as FIIs Buy Rs 6,065 Crore; Sensex Hits 77,044 After Rate Cuts
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Indian equity markets saw a robust rally driven by banking stocks after major lenders reduced deposit and savings rates in response to the Reserve Bank of India's (RBI) 25 basis point repo rate cut. HDFC Bank, IndusInd Bank, ICICI Bank, and State Bank of India were among those lowering rates, with HDFC Bank cutting its savings account interest rate by 25 basis points to 2.75% for deposits up to Rs 50 lakh.
On April 15, 2025, the Sensex surged 1,577.63 points (2.10%) to 76,734.89, and the Nifty gained 500 points (2.19%) to 23,328.55. The Bank Nifty index rose 2.5%, led by IndusInd Bank, HDFC Bank, and Axis Bank. IndusInd Bank shares jumped up to 7%, trading at Rs 776.40, following an external audit that quantified a post-tax adverse impact of 2.27% on its net worth due to derivatives discrepancies. Macquarie set a target price of Rs 1,210 for IndusInd Bank, while Morgan Stanley maintained a target of Rs 775.
HDFC Bank shares rose 4% and hit a record high of Rs 1,885 on the BSE. ICICI Bank also reduced its savings deposit rate by 0.25 percentage points. Other notable movers included Max India, which hit a 20% upper circuit, and Landmark Cars, which rose 6% on a business update.
On April 16, 2025, the Sensex reached an intraday high of 77,110.23 before closing at 77,044.29, and the Nifty climbed 108.65 points to 23,437.20. IndusInd Bank gained 7.12% on the Sensex, with Axis Bank and other financial stocks contributing to the upward movement. Foreign Institutional Investors (FIIs) were net buyers, investing Rs 6,065.78 crore on April 15.
Despite the rally, markets opened flat on April 16, with the Sensex slipping 165 points to 76,569.59 and the Nifty dipping 51.55 points to 23,277 in early trade, reflecting profit booking and subdued global cues. However, banking stocks continued to outperform, and the indices regained ground later in the session.
