Stock Market Mid-Day Report, June 24, 2026: Banking, Finance and Tech Counters Surge as Risk Appetite Returns to Markets

Mumbai, June 24: Three sectors, banking, financial services and information technology, emerged as the clear drivers of Wednesday’s midday recovery on Dalal Street, with bulls stepping in firmly after Tuesday’s steep selloff. A combination of easing Iran war tensions following the United States Senate vote to halt military operations against Tehran, falling crude oil prices near four-month lows, and reports that a US-India trade deal could be signed before July 24 collectively lifted risk appetite, channelling buying into rate-sensitive financials and globally-linked technology stocks. 

Nifty Bank: Private Lenders and PSU Names Rally as Rate Optimism Returns 

The Nifty Bank index gained 1.39% to 57,980.70, buoyed by softening crude prices which investors read as a signal of lower imported inflation and a more accommodative interest rate trajectory for the Reserve Bank of India.  

AU Small Finance Bank (AUBANK) was the standout, climbing 3.28% to Rs 1,060.00 from a previous close of Rs 1,026.35, touching its 52-week high zone on robust retail credit growth expectations. ICICI Bank (ICICIBANK) advanced 2.32% to Rs 1,369.30 from Rs 1,338.30, while IndusInd Bank (INDUSINDBK) rose 1.76% to Rs 921.40 from Rs 905.45. HDFC Bank (HDFCBANK) gained 1.83% to Rs 788.80 from Rs 774.65, and SBI (SBIN) was up 1.58% to Rs 1,040.40 from Rs 1,024.20. Federal Bank (FEDERALBNK) added 1.14% to Rs 323.55 against a previous close of Rs 319.90, reflecting wider PSU and private bank participation in the session. 

Nifty Financial Services: NBFCs and Diversified Lenders in Demand 

The Nifty Financial Services index rose 1.30% to 26,671.00 as non-banking financial companies attracted fresh institutional buying on the back of a benign macro environment and easing liquidity concerns.  

Cholamandalam Investment and Finance Company (CHOLAFIN) led the pack with a gain of 3.06%, moving to Rs 1,778.70 from its previous close of Rs 1,725.90, as vehicle finance demand signals remained constructive. Shriram Finance (SHRIRAMFIN) jumped 2.33% to Rs 1,016.50 from Rs 993.35, and Bajaj Finance (BAJFINANCE) advanced 2.09% to Rs 982.55 from Rs 962.40. ICICI Bank (ICICIBANK), which also features in this index, added 2.33% to Rs 1,369.50 from Rs 1,338.30. Bajaj Finserv (BAJAJFINSV) rose 1.00% to Rs 1,782.70 from Rs 1,765.00, while SBI (SBIN) climbed 1.60% to Rs 1,040.60 from Rs 1,024.20. 

Nifty IT: Global Demand Recovery and Currency Tailwinds Fuel Tech Rebound 

The Nifty IT index climbed 1.08% to 27,304.70, recovering after weeks of subdued performance, as investors bet on a rebound in discretionary technology spending from US clients following improving macro visibility and a weaker rupee improving export realisations.  

Oracle Financial Services Software (OFSS) led the charge, surging 2.90% to Rs 10,149.00 from Rs 9,862.50, extending its outperformance as a relative safe harbour within the tech space. Tech Mahindra (TECHM) rose 1.78% to Rs 1,440.80 from Rs 1,415.60, while Infosys (INFY) gained 1.49% to Rs 1,044.60 from Rs 1,029.30. TCS added 1.49% to Rs 2,090.30 from Rs 2,059.60, and Persistent Systems (PERSISTENT) rose 1.24% to Rs 4,896.50 from Rs 4,836.50. HCL Technologies (HCLTECH) edged up a modest 0.17% to Rs 1,111.40 from Rs 1,109.50. 

Sources:  

• https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY%20BANK 
• https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY%20FIN%20SERVICE 
• https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY%20IT