The week began on a strong note for investors with the Sensex surging 941 points due to brisk buying in banking shares amid positive global cues.

While the 30-share gauge zoomed 941.12 points or 1.28 per cent to settle at 74671.28, the NSE Nifty soared 223.45 points or 1 per cent to close at 22643.40.

As many as 26 constituents in the Sensex pack closed in the green with the first three spots belonging to banking stocks. The buying in banks came after ICICI Bank and Yes Bank reported good numbers on Saturday. Following its results, analysts have raised the target price which suggested up to 30 per cent upside from the current levels.

``Earnings in fourth quarter 2023-24 reaffirm our confidence in ICICI Bank’s sustainable and prudent growth driven by technology-driven initiatives. We expect its loan book to grow at CAGR (compounded annual growth rate) of 17 per cent over FY2023-24-2025-26E, led by technology initiatives,” a note from LKP Research said.

“The credit cost normalisation is underway. We arrive at a target price of ₹1412. We recommend a buy rating with a potential upside of 28 per cent,’’ a note from LKP Research said.

ICICI Bank led the gainers list as it climbed almost 5 per cent and its market cap crossed the ₹8-trillion cap. The optimism over its results also led to the stock hitting a new 52-week high of ₹1,163.25. It closed the day at ₹1,158.80 on the BSE, marking a rise of 4.67 per cent over the last finish.

HCL, BSE tank

The results impact was also visible in IT stocks with HCL Technologies tanking nearly 6 per cent after the company reported a flat year-on-year growth in net profit in the March quarter at ₹3,986 crore. ITC, Wipro and Bajaj Finserv were the others which ended in the red, dropping by 0.44 per cent.

``The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter,” Vinod Nair, head of research, Geojit Financial Services, said.

Shares of BSE tanked nearly 19 per cent in intra-day trade on Monday as the exchange is expected to shell out more regulatory fees after markets watchdog Sebi asked it to pay the fee based on the “notional value” of its options contracts rather than on the premium value.

The stock plummeted 18.63 per cent to ₹2,612.10 during the day on the NSE. Later, it ended at ₹2,783 apiece, down 13.31 per cent.