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In the cash market, the Nifty 50 index surged 228.50 points or 0.96% to 23,995.95.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 9.76% to 12.66.
Infosys, HDFC Bank and Reliance Industries were the top-traded individual stock futures contracts in the F&O segment of the NSE.
The July 2026 F&O contracts will expire on 28 July 2026.
HDFC Bank today announced conclusion of an internal review process pertaining to the arrangement with Maharashtra State Road Development Corporation (MSRDC) for garnering deposits in 2017 and 2021.
Based on the findings and recommendation of the Special Disciplinary Committee of Independent Directors, the Board at its meeting held on 23 July 2026, concluded that the conduct of the employees involved constituted business overreach rather than any mala fide action, personal enrichment, or improper motive. However, keeping in view any potential divergence with the applicable RBI Directions and based on the recommendations of the Special Disciplinary Committee of Independent Directors, the Board decided to issue warning letters and monetary penalty of Rs 1 lakh for three senior employees (the Managing Director & CEO, Chief Financial Officer and Group Head – Retail Assets), and warning letters for the remaining employees.
HDFC Bank Ltd dropped for a fifth straight session today. The stock is quoting at Rs 746.25, down 0.13% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.33% on the day, quoting at 23790.9. The Sensex is at 76111.65, down 0.37%.HDFC Bank Ltd has eased around 6.29% in last one month.Meanwhile, Nifty Bank index of which HDFC Bank Ltd is a constituent, has eased around 2.51% in last one month and is currently quoting at 56592, up 0.22% on the day. The volume in the stock stood at 152.72 lakh shares today, compared to the daily average of 353.76 lakh shares in last one month.
The benchmark July futures contract for the stock is quoting at Rs 746.95, down 0.19% on the day. HDFC Bank Ltd tumbled 25.55% in last one year as compared to a 4.21% slide in NIFTY and a 0.33% spurt in the Nifty Bank index.
The PE of the stock is 15.25 based on TTM earnings ending June 26.
Investors will closely monitor further developments in the West Asia conflict for cues on global risk sentiment and crude oil prices. The progress of the southwest monsoon and the ongoing Q1 FY27 earnings season will also remain key factors influencing market direction in the near term.
Metal, realty and pharma shares advanced while IT, PSU Bank and FMCG shares declined.
At 13:25 IST, the barometer index, the S&P BSE Sensex declined 283.08 points or 0.36% to 77,433.77. The Nifty 50 index fell 72.80 points or 0.30% to 24,165.70.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.16% and the BSE 250 SmallCap Index rose 0.13%.
The market breadth was positive. On the BSE, 1,984 shares rose and 2,082 shares fell. A total of 203 shares were unchanged.
In the commodities market, Brent crude for September 2026 settlement declined 88 cents or 0.64% to $88.65 a barrel.
Economy:
India's core sector output growth accelerated to a five-month high of 5% year-on-year in June, up from 3.2% in May, supported by a sharp surge in iron ore production and sustained expansion in cement and electricity.
Iron ore production recorded the strongest growth at 43.9% year-on-year in June, followed by cement and electricity, both of which grew 9.8%. Steel output increased 4.6%, while coal production rose 1.4%.However, weakness persisted in the energy segment, with crude oil, natural gas and refinery products contracting 4.2%, 7.4% and 4.7%, respectively. Fertiliser production also remained subdued, declining 3.3% for the fourth consecutive month.
During the April–June quarter, cumulative core sector growth improved to 3.6% from 1% a year earlier, although growth under the revised series for FY26 stood at 3%, lower than 4.3% recorded in FY25.
Gainers & Losers:
Shriram Finance (up 2.48%), Ultratech Cement (up 1.15%), HCl Technologies (up 1.14%), Indigo (up 1.13%) and Kotak Mahindra Bank (up 1.05%) were the major Nifty50 gainers.
HDFC Bank (down 1.48%), Infosys (down 1.47%), Tata Consultancy Services (TCS) (down 1.32%) and Power Grid Corporation of India (down 1.32%) and Reliance Industries (down 1.29%) were the major Nifty50 losers.
Stocks in Spotlight:
SML Mahindra surged 5.54% after the company reported a 17.38% rise in standalone net profit to Rs 63.62 crore for the first quarter ended 30 June 2026, compared with Rs 54.20 crore posted in Q4 FY26.
Karur Vysya Bank surged 12.54% after the private sector lender reported a 44.92% rise in standalone net profit to Rs 755.70 crore for the quarter ended 30 June 2026, compared with Rs 521.45 crore in Q1 FY26. Total income increased 15.76% to Rs 3,491.21 crore in Q1 FY27 from the year-ago period.
Canara HSBC Life Insurance surged 6.91% after the insurer reported strong Q1 FY27 results. The company's consolidated profit after tax increased 20.15% YoY to Rs 28.14 crore in Q1 FY27. PAT declined 18.97% QoQ from Rs 34.73 crore in Q4 FY26. Total income rose 20.03% YoY to Rs 4,382.86 crore in Q1 FY27. On a sequential basis, total income increased 237.96% from Rs 1,296.86 crore in Q4 FY26.
One 97 Communications (Paytm) fell 2.82% after the company's board decided not to proceed with a proposed bonus issue, despite reporting strong Q1 FY27 earnings. The board said it had evaluated the proposed bonus issue from the perspective of long-term shareholder value and, after due deliberation, decided not to proceed with it at this stage. The company said it will continue to focus on compounding growth and profitability to create long-term shareholder value.
The digital payments and financial services company reported a consolidated net profit of Rs 220 crore in Q1 FY27, up 78.86% YoY and 20.22% QoQ. Revenue from operations rose 27.63% YoY and 8.13% QoQ to Rs 2,448 crore in the quarter ended 30 June 2026.
BlueStone Jewellery and Lifestyle soared 13.07% after the company reported consolidated net profit of Rs 11.13 crore in Q1 FY27 compared with a net loss of Rs 32.78 crore in Q1 FY26. Revenue from operations rose 48.85% year-on-year to Rs 733.19 crore in Q1 FY27.
Global Markets:
European market advanced as investors weighed a proposed 10-day U.S.-Iran ceasefire against fresh attacks on shipping in the Strait of Hormuz, while stronger-than-expected UK jobs data and lower June public borrowing offered a mixed picture of the domestic economy.
UK unemployment fell to 4.9% in the three months to May, down 0.1 percentage points on the quarter and below the 5% forecast, the ONS said Tuesday. Employment rose 148,000 on the quarter.
Asian stocks gained on Tuesday as mediation efforts in the Middle East pushed oil prices away from a one-month high.
Yemen's Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia, a move that could further disrupt energy supplies, amid attacks between the U.S. and Iran, even as efforts were being made to revive a fragile ceasefire.
A senior Iranian official was quoted by the media stating that Tehran had received a proposal from mediators for a 10-day ceasefire, intended to pave the way for a lasting agreement to end the war that began on February 28 with U.S.-Israeli attacks on Iran.
In other developments, investor focus this week will be on earnings from Alphabet and Intel, along with other firms, to gauge the impact of the war and whether the AI trade has more room to run given sky-high profit expectations for the second-quarter.
Strong earnings from Asian chip bellwethers Samsung Electronics and TSMC in recent weeks were not enough to satisfy investor expectations, underscoring the challenge facing the industry.
Overnight in the US, Wall Street's three major indexes finished lower on Monday while investors looked for moves toward Middle East de-escalation and waited for earnings reports due from major technology companies later in the week.
The Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26, the S&P 500 lost 14.41 points, or 0.19%, to 7,443.28 and the Nasdaq Composite lost 12.17 points, or 0.05%, to 25,508.07.
The Paid-up Share Capital of the Bank will accordingly increase from 15,40,13,27,492 equity shares of Re. 1/- each to 15,40,51,42,784 equity shares of Re.1/- each.
The scrip has fallen 7.09% in two sessions, from its recent closing high of Rs 819.60 recorded on Friday (17 July 2026).
On Saturday, the country's most valued private-sector lender had announced its earnings for the three-month period ended on 30 June 2026.
HDFC Bank had reported a 4.98% increase in standalone net profit to Rs 19,059.72 crore in Q1 FY27 as against Rs 18,155.21 crore posted in Q1 FY26.
Total income declined 7.08% year on year (YoY) to Rs 92,184.38 crore in Q1 FY27 from Rs 99,200.03 crore in Q1 FY26.
The bank’s average deposits grew 13.3% YoY to Rs 30,11,500 crore while gross advances rose by 15.4% YoY to Rs 30,60,800 crore as on 30 June 2026.
Net interest income (interest earned less interest expended) grew 6.7% YoY to Rs 33,530 crore in Q1 FY27 from Rs 31,440 crore in Q1 FY26.
However, its net interest margin (NIM) stood at 3.26%, remaining below the pre-merger level of around 4% seen before HDFC Bank's merger with HDFC Ltd in 2023.
As per media reports, the weakness in the bank’s earnings could be attributed to a higher contribution from lower-yielding corporate loans, relatively slower expansion in the retail portfolio, and continued moderation in the CASA ratio. Softer fee income and slower retail loan growth also weighed on the overall operating performance.
Despite the muted quarterly performance, most research houses reportedly retained their positive stance on the stock, arguing that the current weakness is cyclical rather than structural.
One research firm has reportedly reiterated its 'Buy' rating with a target price of Rs 963. While the domestic research house has acknowledged that HDFC Bank continues to lag peers such as ICICI Bank on loan growth, margins, and the CASA ratio, it believes the lender remains well placed to benefit from favourable sector trends and attractive valuations.
Apart from earnings, another issue that kept investors on the fence was the lack of clarity over the CEO succession plan.
As per media reports, the bank is awaiting the outcome of an additional review by its independent directors before recommending CEO Sashidhar Jagdishan's reappointment to the Reserve Bank of India (RBI).
The bank has been under investor scrutiny since former chairman Atanu Chakraborty resigned in March 2026, citing concerns that certain practices were not aligned with his 'personal ethics.'
However, an external legal review completed last month found no evidence to substantiate the governance concerns Chakraborty had raised.
HDFC Bank is India's largest private sector lender. As of 30 June 2026, the bank's distribution network comprised 9,694 branches and 20,958 ATMs across 4,175 cities and towns.
Axis Bank Ltd lost 4.55% today to trade at Rs 1268.45. The BSE Financial Services index is down 1.26% to quote at 12644.99. The index is up 1.25 % over last one month. Among the other constituents of the index, HDFC Bank Ltd decreased 4.45% and Fino Payments Bank Ltd lost 3.74% on the day. The BSE Financial Services index went down 0.15 % over last one year compared to the 4.41% fall in benchmark SENSEX.
Axis Bank Ltd has lost 6.58% over last one month compared to 1.25% gain in BSE Financial Services index and 1.76% rise in the SENSEX. On the BSE, 99501 shares were traded in the counter so far compared with average daily volumes of 5.28 lakh shares in the past one month. The stock hit a record high of Rs 1418.3 on 03 Feb 2026. The stock hit a 52-week low of Rs 1041.3 on 01 Sep 2025.
The bank’s profit before tax (PBT) stood at Rs 25,108.30 crore in the first quarter of FY27, registering a 17.92% YoY growth.
Net interest income (interest earned less interest expended) grew 6.7% YoY to Rs 33,530 crore in Q1 FY27 from Rs 31,440 crore in Q1 FY26. Net interest margin stood at 3.26% on total assets and 3.40% based on interest-earning assets.
Operating profit before provisions and contingencies declined 21.17% YoY to Rs 28,168.06 crore in Q1 FY27 from Rs 35,733.96 crore in Q1 FY26.
Provisions and contingencies declined 78.81% YoY to Rs 3,059.76 crore in Q1 FY27 from Rs 14,441.63 crore in Q1 FY26. The total credit cost ratio stood at 0.40% for the quarter ended 30 June 2026.
Operating expenses increased 4.32% YoY to Rs 18,187.49 crore in Q1 FY27 from Rs 17,433.84 crore in Q1 FY26. The cost-to-income ratio stood at 39.2%.
The bank’s average deposits grew 13.3% YoY to Rs 30,11,500 crore in the June 2026 quarter from Rs 26,57,600 crore in the June 2025 quarter. Average CASA deposits stood at Rs 9,57,000 crore, up 11.2% YoY.
Gross advances stood at Rs 30,60,800 crore as on 30 June 2026, registering a 15.4% YoY growth. Advances under management grew 12.4% YoY. Retail loans rose 7.2%, small and mid-market enterprise loans grew 18.7%, while corporate and other wholesale loans increased 18.6%. Overseas advances constituted 1.6% of total advances.
Gross non-performing assets (NPAs) stood at 1.17% of gross advances as on 30 June 2026 (0.91% excluding agricultural NPAs), compared with 1.15% as on 31 March 2026 and 1.40% as on 30 June 2025. Net NPAs stood at 0.41% of net advances.
The bank’s total capital adequacy ratio (CAR) under Basel III stood at 19.6% as on 30 June 2026 (19.9% a year ago), against the regulatory requirement of 11.9%. Tier 1 CAR stood at 17.8%, while the Common Equity Tier 1 (CET1) ratio stood at 17.4%. Risk-weighted assets stood at Rs 30,52,000 crore.
Shares of HDFC Bank rose 1.40% to settle at Rs 819.65 on Friday, 17 July 2026.