Private Banks Outshine Nifty 50 In Earnings Upgrades; HSBC Sees More Room For Growth, Prefers ICICI Bank, Axis Bank, Kotak
HSBC rate stocks including ICICI Bank, Axis Bank and Kotak Mahindra Bank.
· NDTV Profit
Among the four lenders, ICICI Bank and Kotak Mahindra Bank have witnessed the strongest earnings upgrade momentum, while Axis Bank and HDFC Bank have…
The analysis
Where the names start from: Kotak Mahindra Bank is at its 52-week high, +17.4% over three months; ICICI Bank is 4% below its 52-week high, -3.3% over three months; Axis Bank is 12% below its 52-week high, -1.7% over three months; HDFC Bank is 29% below its 52-week high, -6.4% over three months. A rating is set against the price on the day the note is written, so how far a stock has already run is the part of the case the headline upside leaves out.
Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- Brokerage calls from HSBC, with ratings on the stocks named. The stocks: ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank.
- On the day, 4 of 4 are higher: HDFC Bank leads at +2.7% and Kotak Mahindra Bank trails at +0.0%.
- Over three months: ICICI Bank -3.3% against Banks -6.0% (2.7 points ahead); Axis Bank -1.7% against Banks -6.0% (4.3 points ahead); Kotak Mahindra Bank +17.4% against Banks -6.0% (23.4 points ahead); HDFC Bank -6.4% against Banks -6.0% (0.4 points behind).
- At least 25% below the 52-week high: HDFC Bank (29%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| ICICI BankICICIBANK · Banks | ₹1,412.40 | +1.8% | +5.9% | -3.3% | -3.5% | 0.4× | — |
| Axis BankAXISBANK · Banks | ₹1,232.40 | +1.9% | -0.7% | -1.7% | -12.2% | 0.4× | — |
| Kotak Mahindra BankKOTAKBANK · Banks | ₹458.55 | +0.0% | +9.6% | +17.4% | -0.7% | 0.2× | — |
| HDFC BankHDFCBANK · Banks | ₹718.75 | +2.7% | -2.9% | -6.4% | -28.8% | 0.5× | — |
Banks
1M -2.4% · 3M -6.0%
ICICI Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank
Prices as of 3 Nov 2026, 10:53 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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