Share Market News: Market Rebounds Sharply, Sensex Surges 765 Points, Auto, Power, Realty Sector Lead Gains

Share Market News: The Indian stock market rebounded strongly on July 21st, following two consecutive sessions of decline. The Sensex surged 764.88 points to settle at 82,245, while the Nifty gained 1.27 points to end at 25,095. Bank Nifty also recovered significantly, rising 649 points to close at 56,932. The major benchmark indices closed at their highest levels of the day, boosted by increases in ICICI Bank, HDFC Bank, and Tata Steel. The Nifty Mid Cap and Small Cap 100 indices also posted significant gains. Sectoral performance was mixed—Auto, Capital Goods, Private Banks, Power, and Realty Metals gained 0.5-1%, while IT, PSU Banks, Oil & Gas, and FMCG sectors fell 0.4-1%. Eternal led the top gainers with a 5.64% increase, while Reliance (-3.21%), Wipro (-2.47%), and IndusInd Bank (-1.29%) were the biggest losers.

ICICI, HDFC Lead Banking Rally

A number of favourable variables contributed to the market’s surge. Despite a 3% drop in ICICI Bank shares following a 15.9% increase in consolidated net profit in June (Rs 11,696 crore), investor sentiment remained positive. HDFC Bank shares increased more than 2%, despite a 1.3% drop in consolidated net profit to Rs 16,258 crore. Foreign Institutional Investors (FIIs) added to the market's strength on Friday, with net purchases of Rs 374.74 crore. Furthermore, most Asian markets, including South Korea’s Kospi and Hong Kong’s Hang Seng, were in the green, with Dalal Street futures indicating a strong U.S. market start. The rise was also boosted by encouraging corporate profits.