US Midterm Election results lift banking, financial stocks - SBI Cards, Bajaj Finance, Axis, ICICI Bank surge up to 6%
SBI Cards moved higher.
· LiveMint Markets
Indian banking and financial stocks surged on Thursday, outperforming the broader market as foreign investors returned, crude oil prices fell and US midterm results lifted sentiment. The Nifty Financial Services index rose nearly 3% intraday, while Bank Nifty gained 2.2%.
The analysis
SBI Cards reported movement of 6%, 3% and 2.2%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +5.2% on the day at ₹581.90, and has returned -16.0% over three months. It sits 36% below its 52-week high, which means a good deal of bad news was already in the price. The financial services sector has moved -12.4% over the same period, so SBI Cards is running 3.6 points behind its peers.
This is an Input cost / crude event. India imports most of its crude, so input costs pass through to margins downstream and to the rupee. Producers and consumers of the same input move in opposite directions. On the day the stock is +5.2%, so the tape moved decisively on this.
Market context
- The 3 companies named span 2 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 3 of 3 are higher: Bajaj Finance leads at +7.0% and ICICI Bank trails at +3.8%.
- Over three months: SBI Cards -16.0% against Financial Services -12.4% (3.6 points behind); Bajaj Finance -13.5% against Financial Services -12.4% (1.1 points behind); ICICI Bank -2.1% against Banks -5.7% (3.6 points ahead).
- At least 25% below the 52-week high: SBI Cards (36%).
- Trading well above normal today: Bajaj Finance at 2.2 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| SBI CardsSBICARD · Financial Services | ₹581.90 | +5.2% | -1.8% | -16.0% | -35.5% | 1.8× | — |
| Bajaj FinanceBAJFINANCE · Financial Services | ₹1,063.45 | +7.0% | +4.8% | -13.5% | -8.2% | 2.2× | — |
| ICICI BankICICIBANK · Banks | ₹1,478.70 | +3.8% | +8.7% | -2.1% | +1.1% | 1.5× | — |
Financial Services
1M -2.8% · 3M -12.4%
SBI Cards, Bajaj Finance
Banks
1M -1.3% · 3M -5.7%
ICICI Bank
Prices as of 5 Nov 2026, 13:04 IST. Sector moves are the average of the stocks we track in each sector.
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