HDFC Bank, YES Bank, AU SFB: Bank stocks jump; Bank Nifty up over 1% - Q2 business updates, share price rally explained
Nifty Bank jumped 1.4% in morning trade to an intraday high of 55,192.65, with HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, YES Bank, and AU Small Finance Bank among top gainers. Some of them, however, slipped into the red as the day progressed due to profit booking.
Most banking stocks clocked decent gains in morning trade on Monday, 5 October, as healthy Q2 business updates and announcements about the appointment of CEOs for HDFC Bank and Kotak Mahindra Bank influenced sentiment.
Nifty Bank jumped 1.4% in morning trade to an intraday high of 55,192.65, with HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, YES Bank, and AU Small Finance Bank among top gainers. Some of them, however, slipped into the red as the day progressed due to profit booking.
The rally in banking stocks today can be attributed to the appointments of new CEOs at Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, RBL Bank, and YES Bank, which removed uncertainties regarding leadership transitions at these companies, as well as healthy September quarter (Q2FY27) business updates.
India’s largest private lender announced the appointment of Anup Bagchi as its next
Managing Director and Chief Executive Officer (MD & CEO) for a period of 3 years with effect from 27 October 2026.
The bank also shared its Q2FY27 business update, which showed its average deposits rose by 16.8% year-on-year (YoY) to ₹ 31,66,500 crore for the September 2026 quarter. Its gross advances rose by 16.3% YoY to approximately ₹ 32,19,500 crore.
The stock swung between gains and losses on Monday, rising nearly 2% and falling more than 1% during the session.
Kotak Mahindra Bank announced the appointment of Anup Kumar Saha as the new managing director and CEO of the bank for a term of three years, effective 1 January 2027.
The stock jumped nearly 1.5% in the morning session on Monday.
ICICI Bank announced the appointment of Sidharatha Mishra as its Managing Director & CEO with effect from 14 October 2026, or the date of receipt of Insurance Regulatory and Development Authority of India approval, whichever is later, for a period of five consecutive years.
It also announced receiving a show cause notice from Additional Commissioner, CGST and C. Ex, Division-IV, Mumbai East Commissionerate, raising a GST demand amounting to ₹ 2,29,14,35,396 along with interest and penalty as applicable, on services provided by the bank to customers maintaining specified minimum balances in their accounts.
ICICI Bank shares climbed about 1% and declined by 0.50% during the morning trade.
(This is a developing story. Please check back for fresh updates.)
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