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Diwali fireworks on D-Street: NIFTY BANK explodes 1,191 points; SBI, ICICI Bank, HDFC Bank in focus
5 min read | Updated on November 05, 2026, 10:52 IST
SUMMARY
A sharp correction in crude oil prices, with the commodity slipping below the psychologically crucial $100-per-barrel mark, provided a major boost to investor sentiment.
Stock list
The optimism was further reinforced by broadly strong earnings from Indian companies, adding to the momentum behind the market’s spectacular surge.
Bulls tightened their grip on Dalal Street on Thursday, November 5, extending the market’s powerful rally for a sixth consecutive session.
It was a Diwali-like spectacle on D-Street, with broad-based buying lifting stocks across sectors and sending the NIFTY BANK soaring 1,191 points.
A sharp correction in crude oil prices, with the commodity slipping below the psychologically crucial $100-per-barrel mark, provided a major boost to investor sentiment.
The optimism was further reinforced by broadly strong earnings from Indian companies, adding to the momentum behind the market’s spectacular surge.
On the NSE, the benchmark NIFTY50 index rallied as much as 481.6 points, or 2%, to the high of 24,442.20 levels.
The NIFTY BANK rallied up to 1,191 points, or 2%. All 14 NIFTY BANK constituents were trading in the green. HDFC Bank shares were up 2.23% at ₹753.15 on the NSE, while ICICI Bank advanced 3.01% to ₹1,467. State Bank of India (SBI) was trading 1.25% higher at ₹991.45.
What you need to know
Banking stocks are surging on Thursday, November 5, as part of a broad-based rally on Dalal Street. The NIFTY BANK’s 1,191-point jump appears to be driven by a combination of cooling crude oil prices, improving global risk appetite, renewed foreign investor buying, and optimism around corporate earnings—rather than a single banking-specific trigger.
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Crude oil slips below $100: Brent crude fell sharply in the previous session, easing concerns over India’s import bill, inflation and macroeconomic pressures. Lower oil prices can improve the broader economic outlook and support sentiment towards rate-sensitive sectors such as banking.
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Renewed FII buying: Foreign investors bought Indian equities for a fourth consecutive session on Wednesday, adding liquidity and momentum to the market rally.
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Stronger global cues: Investors welcomed the US midterm election outcome amid hopes that geopolitical tensions involving Iran could ease. The improved global risk appetite supported buying in Indian equities.
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Earnings optimism and attractive valuations: Resilient Q2 earnings have supported confidence in Indian companies. Recent market commentary has also pointed to more compelling valuations in private lenders and an improving loan-growth outlook.
| Symbol | Open | High | Low | Prev. Close | LTP | Indicative Close | Change | % Change |
|---|---|---|---|---|---|---|---|---|
| NIFTY BANK | 57,102.80 | 57,139.70 | 56,718.20 | 55,913.60 | 57,041.85 | – | 1,128.25 | 2.02 |
| HDFCBANK | 760.00 | 762.70 | 749.45 | 736.70 | 750.10 | – | 13.40 | 1.82 |
| ICICIBANK | 1,458.00 | 1,467.80 | 1,445.90 | 1,424.10 | 1,466.20 | – | 42.10 | 2.95 |
| SBIN | 990.00 | 998.40 | 988.65 | 979.00 | 989.10 | – | 10.10 | 1.03 |
| KOTAKBANK | 472.45 | 472.50 | 457.15 | 459.40 | 463.00 | – | 3.60 | 0.78 |
| AXISBANK | 1,255.00 | 1,273.50 | 1,242.00 | 1,232.00 | 1,270.60 | – | 38.60 | 3.13 |
| INDUSINDBK | 880.00 | 902.55 | 875.35 | 865.15 | 901.00 | – | 35.85 | 4.14 |
| CANBK | 120.90 | 121.90 | 119.88 | 118.32 | 121.07 | – | 2.75 | 2.32 |
| YESBANK | 16.04 | 16.09 | 15.78 | 15.73 | 16.01 | – | 0.28 | 1.78 |
| IDFCFIRSTB | 76.25 | 77.13 | 75.60 | 74.73 | 76.74 | – | 2.01 | 2.69 |
| BANKBARODA | 249.00 | 250.40 | 246.63 | 245.37 | 249.08 | – | 3.71 | 1.51 |
| PNB | 124.50 | 124.50 | 123.10 | 122.42 | 123.63 | – | 1.21 | 0.99 |
| FEDERALBNK | 338.50 | 338.74 | 331.15 | 335.20 | 336.30 | – | 1.10 | 0.33 |
| AUBANK | 920.00 | 942.40 | 920.00 | 904.35 | 940.90 | – | 36.55 | 4.04 |
| UNIONBANK | 186.00 | 186.40 | 184.25 | 183.89 | 184.96 | – | 1.07 | 0.58 |
Key earnings
Earlier this week, State Bank of India (SBI), the country's largest lender, reported a 14% growth in standalone net profit at ₹23,038 crore for the second quarter ended September 30, 2026 (Q2 FY27).
The bank had earned a profit of ₹20,160 crore in the July-September period a year ago.
Financial performance highlights
According to a regulatory filing, SBI's total income increased to ₹1,43,796 crore, from ₹1,34,979 crore in the second quarter of the last fiscal year.
Interest earned during the period increased to ₹1,32,019 crore from ₹1,19,654 crore in the same quarter of FY26.
Asset quality improvement
The bank's gross non-performing assets (NPAs) declined to 1.39% of gross advances as of September 30, 2026, from 1.73% a year ago.
Similarly, net NPAs or bad loans moderated to 0.36% of the advances, from 0.42%.
As a result, provisions for bad loan declined to ₹2,759 crore as compared to ₹4,132 crore in the corresponding quarter of the previous year.
Consolidated results and capital adequacy
On a consolidated basis, SBI Group reported a 20% rise at ₹25,361 crore for the second quarter as against ₹21,137 crore in July-September FY26.
Total income rose to ₹1,87,756 crore from ₹1,75,898 crore in the year-ago period.
The capital adequacy ratio (CAR) also rose to 16.09% from 14.62% at the end of September 2025.
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