AXISBANK.NSE

Axis Bank Ltd

India’s equity benchmarks advanced on Friday as heavyweights HDFC Bank, ICICI bankand Reliance Industries rose,and logged weekly gains, as optimism over an earnings rebound and growing expectations of a December rate cut buoyed sentiment. The Nifty 50 rose 0.49% to 25,709.85, settling at one-year high levels, while the BSE Sensex gained 0.58% to 83,952.19. Both indexes added about 1.7% for the week, now sitting roughly 2.5% below their record highs from September 2024. Strong earnings from Nestle India aided by recent government tax cuts, signaled a revival in consumption and powered the stock 7.5% higher this week. Minutes from the Reserve Bank of India’s latest policy meeting further lifted rate-sensitive sectors this week by reinforcing expectations of a rate cut in December. Consumer stocks climbed 3%, and auto and realty advanced 2% and 4.1%, respectively during the week. Financials banks rose 2.6% and 2%, respectively, hitting record high levels. “The early signs from the earnings season point to a promising turnaround, with Nestle India, Axis Bank posting solid numbers and IT majors logging decent numbers with no major disappointments,” said Aishvarya Dadheech, founder of Fident Asset Management. “Optimism is building around a GST-driven demand revival, while U.S.-China trade tensions could renew overseas interest in domestic equities after a sharp sell-off in the last year.” The broader mid-caps gained 0.4% while small-caps were little changed this week.