RIL, HDFC, ICICI, Axis, Kotak Results: What’s Next for Nifty?

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By S. JHA

Mega Earnings Weekend: What Reliance, HDFC Bank, ICICI, Axis and Kotak Results Mean for Nifty Next Week

Mumbai, July 18, 2026 — India Inc. just delivered one of the busiest 24-hour stretches of the earnings season. Reliance Industries opened the show on Friday evening, and four of the country’s largest private lenders — HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank — followed on Saturday. With the Nifty and Sensex having just closed out a strong Friday session, the market now heads into next week carrying both fresh earnings data and a still-uncertain global backdrop.

Reliance Sets the Tone on Friday

Reliance Industries reported after market hours on Friday, and the headline numbers were a mixed bag. The Week reported that the conglomerate posted consolidated revenue of roughly ₹3.40 lakh crore, up 24.5% year-on-year, with the oil-to-chemicals business alone growing revenue by 30.4%.

A separate wire report carried by Business India News put revenue growth closer to 25%, at Rs 3.11 lakh crore, while noting that net profit actually fell 22% to Rs 20,946 crore — a decline the report attributed to the absence of a one-time gain booked in the year-ago quarter from the Asian Paints stake sale. EBITDA still rose 10% to Rs 54,067 crore, beating Street expectations.

The other headline from the RIL results wasn’t a number at all. Both The Week and Business India News confirmed that Jio Platforms has now filed its draft red herring prospectus for a public listing, formally kicking off what markets have anticipated for months — the country’s largest-ever IPO pipeline event. Reliance Jio’s subscriber base has also crossed 533 million, of which 285 million are on True5G, according to The Week.

The stock responded well ahead of the print. Goodreturns reported that Reliance Industries closed Friday’s session up 2.6% at Rs 1,326.50 on the BSE, with its market capitalisation rising by roughly Rs 46,500 crore on the day.

Four Big Private Banks Report on Saturday

The unusual Saturday session put HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank all on the calendar together, alongside Yes Bank. Ahead of the results, Goodreturns’ preview noted analysts were watching for margin trends across the board, flagging that Axis Bank’s loan growth had remained strong at 25.8% year-on-year with deposits up 23.5%.

Where Nifty and Sensex Stand Heading Into the Weekend

Friday’s session gave the market a running start into results weekend. HDFC Sky’s closing report described a broad rally: the Sensex surged 964.58 points, or 1.25%, to close at 78,151.45, while the Nifty 50 climbed 261.55 points, or 1.09%, to settle at 24,334.30, reclaiming the 24,300 mark. The same report noted market breadth stayed weak even as the index rallied, with roughly 2,419 stocks declining against 1,632 advancing — a sign the gains were concentrated in a handful of heavyweight names.

Sector-wise, HDFC Sky’s wrap credited IT and financial stocks with powering the rally, with the Nifty Private Bank index up about 2% and the Nifty Bank index gaining roughly 1.6%. Tech Mahindra, Kotak Mahindra Bank and Jio Financial Services topped the individual gainers list, while Hindalco, Dr Reddy’s and Wipro lagged.

What Could Shape Next Week’s Trade

Several threads are likely to determine whether Friday’s rally has legs, or whether the market reverts to the choppier range it has traded in for much of July.

Earnings continue to roll in. The Q1 FY27 season doesn’t end with this weekend’s results — a large batch of mid- and large-cap companies report through the following week, and how the market digests the bank numbers specifically (given the divergent growth expectations across HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank) will set the tone for the broader Bank Nifty index, which carries heavy weight in the headline benchmarks.

FII flows remain a swing factor. Weekly data compiled by Choice India showed foreign institutional investors were net sellers of roughly Rs 3,447 crore on July 15, even as domestic institutional investors bought a net Rs 2,366.88 crore the following session — a pattern of FII caution offset by steady DII support that has characterized much of July’s trade.

Geopolitical and crude oil risk hasn’t gone away. Kotak Neo’s market update from July 17 flagged intensifying tensions in West Asia, alongside Brent crude gaining to $85.28 a barrel, as an ongoing overhang on sentiment even as equities pushed higher. A weaker rupee, trading near 96.3 to the dollar per the same report, adds another variable for import-heavy and oil-linked sectors.

Technical range still applies. Choice India’s weekly technical note, published ahead of Friday’s rally, described the market as “volatile but range-bound,” with buyers defending support near 23,800 and sellers active close to the 24,500 resistance zone on Nifty — a range Friday’s close now sits just below the upper edge of. A decisive move through 24,500 on strong volume would be the more convincing signal that the earnings-led rally is broadening out, rather than staying concentrated in index heavyweights.

Reliance delivered strong revenue growth with a profit miss explained by a prior-year base effect, and handed markets a tangible Jio IPO timeline to trade around. The banking quartet’s results round out a fuller picture of credit growth and margin trends across India’s largest lenders. Together, they give next week’s market plenty of company-specific news to digest — but with FII selling, elevated crude prices and geopolitical tension still in the mix, the direction of Nifty and Sensex into next week is likely to hinge as much on global risk appetite as on the earnings themselves.

(This article is for informational purposes only and does not constitute investment advice. Investors should consult a SEBI-registered advisor before making investment decisions.)