Nifty Bank hits fresh record high, crosses 55,200 mark; HDFC Bank and ICICI Bank top contributors

Stock market today: Nifty Bank extended their winning streak for the fifth consecutive trading session on Monday, April 21, as investors cheered the strong March quarter performance by HDFC Bank and ICICI Bank. The upbeat earnings not only exceeded market expectations but also lifted overall sentiment toward the sector, resulting in a strong rally in Nifty Bank in today's session, April 21. 

Both HDFC Bank and ICICI Bank gained up to 2% at the day’s high, helping Nifty Bank scale a fresh record peak of 55,291 points and extend its winning streak for the fifth consecutive trading session. The index has surged by 1000 points in today’s intraday session, with HDFC Bank alone contributing 184 points, ICICI Bank adding 129 points, and State Bank of India, Axis Bank, and IndusInd Bank together contributing 329 points as of 10:30 A.M.

With today’s gains, the Bank Nifty has risen over 7% so far in April, marking its strongest monthly performance since December 2023.

Both lenders reported quarterly results on Saturday that exceeded analyst expectations, driven by sustained loan growth and improving asset quality.

Brokerages remain bullish on HDFC Bank and ICICI Bank after Q4 results

Several brokerages have maintained bullish ratings on both HDFC Bank and ICICI Bank following their strong Q4FY25 results, revising their target prices upward. For HDFC Bank, Jefferies has raised its target price to ₹2,340, highlighting improved loan growth and margins, while UBS maintained a 'Buy' with a target of ₹2,250.

Macquarie also retained its 'Outperform' rating with a target of ₹2,300, noting stable credit costs and potential for return on assets (ROA) improvement. CLSA has raised its target to ₹2,200, and Nuvama kept its 'Buy' call with a target of ₹2,195, citing strong deposit growth and a reduction in slippages.

For ICICI Bank, Jefferies raised its target to ₹1,710, citing strong profit growth and healthy asset quality. CLSA increased its target to ₹1,700, impressed by the bank’s focus on profitability over growth. UBS maintained a 'Buy' rating with a target of ₹1,680, while Macquarie kept its 'Outperform' rating at ₹1,670, highlighting improved NIMs and low credit costs.

Nomura lifted its target to ₹1,690 despite lowering earnings estimates slightly due to expected repo rate cuts. Nuvama continued with a 'Buy' rating and a target of ₹1,630 after the bank reported solid NIM and PAT growth with declining slippages.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.