ICICI Securities Recommends Buying Shriram Finance and Piramal Pharma on July 6th

Indian Stock Market Sees Gains on Monday

The Indian benchmark indices, the Sensex and Nifty 50, began the week on a positive note, with the Nifty 50 rising 0.35% to 24,354.80 at 9:20 IST, while the BSE Sensex gained 0.39% to 78,065.23. The market's upward momentum was fueled by strong gains in private banking stocks, particularly HDFC Bank and Axis Bank, following robust June-quarter business updates.

HDFC Bank reported a 15.4% year-on-year increase in gross advances for the June quarter, while period-end deposits rose 14.7%. Axis Bank also posted healthy business momentum, with a 18.8% year-on-year growth in gross advances during the quarter. The Nifty Bank and Financial Services indices rose around 0.5% each, led by nearly 2% gains in HDFC Bank and Axis Bank.