Bank Nifty Recovers 1% Intraday; ICICI, Axis Bank Lead Gains on Strong Q3 Updates

• Bank Nifty index recovered nearly 1% intraday, snapping previous session's decline, driven by strong Q3 business updates.
• ICICI Bank led the gains, rising up to 3%, with Union Bank, IndusInd Bank, SBI, Axis Bank, Canara Bank, and Yes Bank also seeing increases.
• Axis Bank recorded its biggest gain since July 2024, reporting 14.1% YoY growth in advances and 15% in deposits for Q3.
• HDFC Bank was a top laggard, falling over 4% in two sessions to a 3-month low, despite 11.9% loan and 11.5% deposit growth.
• IndusInd Bank saw a fourth consecutive quarterly decline in loans, with analysts awaiting clarity on its turnaround strategy.

Why It Matters: Bank Nifty rebounded on positive Q3 updates from key lenders, though HDFC Bank lagged and IndusInd faced challenges.