HDFC Bank, ICICI Bank lead Indian stock higher
The Nifty 50 added 0.49% to 25,090.7, while the BSE Sensex rose 0.54% to 82,200.34.
Eight of the 13 major sectors logged gains, with heavyweight financials' 1.6% rise leading the gains.
India's top two private banks, HDFC Bank and ICICI Bank, gained 2.2% and 2.8%, respectively, after posting stronger-than-expected June quarter profit. HDFC Bank also announced its first-ever bonus share issue.
'Robust earnings from ICICI Bank and the bonus issue by HDFC Bank lifted market sentiment and drove gains, though Reliance's mixed performance kept a lid on the rally,' said Anita Gandhi, founder and head of institutional business at Arihant Capital Markets.
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