Tag: Axis Bank

  • Credit Card Spending Surges: HDFC, SBI Card, ICICI, and Axis Drive Rs 1.58 Lakh Crore in July 2026

    Credit Card Spending Surges: HDFC, SBI Card, ICICI, and Axis Drive Rs 1.58 Lakh Crore in July 2026

    India’s top four credit card issuers recorded a combined spending of nearly Rs 1.58 lakh crore in July 2026, underscoring the dominance of major banks in the country’s expanding card payments market. HDFC Bank, SBI Card, ICICI Bank, and Axis Bank continued to account for the bulk of transactions as overall card usage stayed above the Rs 2 lakh crore mark for the third straight month.

    HDFC Bank Leads the Pack

    HDFC Bank remained India’s largest credit card issuer by spending in July 2026, with transactions worth approximately Rs 60,218 crore. The bank captured nearly 28.9% of the country’s total credit card spending, recording a 1.3% increase from June and an 11.9% rise year-on-year.

    SBI Card Holds Strong Despite Monthly Dip

    SBI Card reported around Rs 39,592 crore in credit card spending during July 2026. While spending slipped 3.6% from June, the issuer still logged robust annual growth of roughly 21.6%. SBI Card held about 19% of the overall credit card spending market, according to industry data.

    ICICI Bank Shows Strong Monthly Recovery

    ICICI Bank’s credit card spending reached approximately Rs 34,025 crore in July 2026. The lender posted one of the strongest monthly recoveries among the leading issuers, with spending climbing 8.3% from June. However, July spending remained below the year-ago level, based on RBI data.

    Axis Bank Posts Solid Monthly Growth

    Axis Bank recorded around Rs 23,825 crore in credit card spending during July. Its spending rose 7.4% month-on-month, a stronger monthly performance than HDFC Bank and SBI Card. Axis accounted for about 11.4% of total industry spending, and its credit card base remained among India’s largest.

    India’s Total Credit Card Spending Remains Above Rs 2 Lakh Crore

    Overall credit card spending in India reached roughly Rs 2.08 lakh crore in July 2026, up 3.4% from June and 7.4% from July 2025. The total stayed above the Rs 2 lakh crore threshold for the third consecutive month, signaling continued momentum in card-based payments.

    Credit Card Base Continues to Expand

    India had around 12.29 crore credit cards outstanding by July 2026. Banks added a net 1.26 million cards during the month, an 11.5% increase over June additions. Transaction volumes climbed 24.5% year-on-year to about 60.5 crore, while the average transaction value declined to nearly Rs 3,440.

  • Apple Pay’s India Debut Could Begin With Axis Bank as First Partner

    Apple Pay’s India Debut Could Begin With Axis Bank as First Partner

    Apple Pay Prepares for India Launch

    Apple is preparing to bring its Apple Pay service to India, with Axis Bank expected to be its first banking partner for the rollout, according to people familiar with the matter. The service could launch in India as soon as next month, starting with support for Axis Bank credit cards.

    Discussions With HDFC Bank and ICICI Bank

    Apple has also held discussions with HDFC Bank and ICICI Bank about adding their cards to Apple Pay, but those talks have not yet resulted in final commercial agreements, according to two sources. Apple and the three banks declined to comment to Reuters on the discussions.

    Apple Pay is designed to allow iPhone users to make contactless payments using tokenized versions of their card details. Card information is stored on the device, so users can pay without opening another payment app. Apple is expected to add more banks through separate agreements over time, allowing the service to expand gradually after its initial rollout.

    Entering a UPI-Dominated Market

    Apple Pay will enter a payments ecosystem where UPI accounts for a major share of digital transactions. According to Reuters, UPI represented 84% of India’s digital payment volume. The National Payments Corporation of India has also introduced a tap-and-pay option using near-field communication technology, giving smartphone users another way to make contactless payments.

    Recent changes in payment rules have also created room for Apple Pay. The Reserve Bank of India allowed biometric authentication for card payments last year, supporting card transactions through features such as Face ID and Touch ID.

    Apple’s Growing Presence in India

    The India entry comes as Apple gains ground in the country’s smartphone market. Counterpoint Research data cited by Reuters shows Apple’s market share reached 8%, twice its level in 2022. India is now among Apple’s largest smartphone markets.

    Axis Bank had about 16.26 million active credit cards in July, according to RBI data, making it the fourth-largest card issuer in India after HDFC Bank, SBI Cards, and ICICI Bank. An Apple Pay launch would give Apple a foothold in India’s contactless card payment segment, and its expansion will likely depend on adding more banks and card networks to the service.

  • Sensex Surges 403 Points, Nifty Crosses 24,388 as Bank Stocks Lead Rally

    Sensex Surges 403 Points, Nifty Crosses 24,388 as Bank Stocks Lead Rally

    The Nifty50 and Sensex traded higher on July 6, 2026, driven by strong buying in bank stocks. Axis Bank, HDFC Bank, and Bharat Heavy Electricals were among the top gainers, while the IC Electricals IPO entered its second subscription day.

    Key Takeaways

    • Bank stocks powered the market higher, supporting benchmark indices.
    • Axis Bank, HDFC Bank, and Bharat Heavy Electricals emerged as the top Nifty50 gainers.
    • The IC Electricals IPO entered its second subscription day with an issue size of ₹47.91 crore.

    The Indian stock market opened higher on Monday, July 6, 2026, as robust buying in banking shares lifted the benchmark indices. Positive cues from Asian markets also bolstered investor confidence during the session.

    At the time of writing, the Nifty50 stood at 24,388.60, up 114.95 points or 0.47 percent. The Sensex traded at 78,167.17, gaining 403.26 points or 0.52 percent. Both indices remained in positive territory as buying momentum persisted in large-cap banking stocks.

    Market sentiment stayed firm after Asian peers posted gains. Strong regional performance improved confidence and supported buying across multiple sectors in India.

    Bank Stocks Lead the Rally

    Bank stocks were the biggest driver of the market during the session. Fresh buying in private banking companies pushed benchmark indices higher and kept the market on a steady upward path.

    Among the top performers on the Nifty50 were Axis Bank, HDFC Bank, and Bharat Heavy Electricals. These stocks attracted significant investor interest and contributed a large share of the day’s gains.

    Positive Trend Across Broader Markets

    The broader market also traded in the green, although gains were modest compared to the benchmark indices.

    The Nifty MidCap index rose 0.18 percent, while the Nifty SmallCap index gained 0.08 percent. These moves indicate that buying interest extended beyond large-cap stocks.

    Steady movement in mid-cap and small-cap shares reflected balanced market participation. Investors continued to seek opportunities across various segments rather than focusing solely on large companies.

    Banking Sector Outperforms

    The Nifty Bank index and the Nifty Private Bank index outperformed other sectoral indices during the session. Strong gains in leading private lenders helped these indices move ahead of the broader market.

    The positive movement in banking shares came as investors sought stable businesses with strong financial performance. Consequently, bank stocks received consistent buying support throughout the session.

    IT and Media Stocks Face Pressure

    The Nifty IT index and the Nifty Media index recorded the biggest declines among sectoral indices. Selling pressure in technology and media stocks limited the overall market gains.

    Despite weakness in these sectors, losses remained contained as banking shares provided strong support. The market thus continued to trade with a positive tone.

    Asian Markets Offer Strong Support

    Asian stock markets traded higher on Monday, and this positive trend helped improve sentiment in Indian equities.

    Gains across Asian peers encouraged active participation in the market. Strong regional performance often boosts confidence, especially at the start of the trading week.

    Positive global cues, coupled with strength in banking shares, helped Indian benchmark indices maintain their upward trajectory. This combination kept market sentiment favorable during the session.

    IPO Market Remains Active

    The primary market also stayed active on Monday as IC Electricals continued its public issue. The IC Electricals IPO entered the second day of subscription. The book-built issue was valued at ₹47.91 crore.

    The public issue gave investors another opportunity to participate in the primary market. Activity in the IPO segment remains an important part of overall market interest, especially when benchmark indices trade in positive territory.

    Market Outlook

    The strong gains by Axis Bank, HDFC Bank, and Bharat Heavy Electricals added upward momentum to the benchmark indices. However, weakness in IT and media stocks partially offset the potential for further gains.

    FAQs

    1. What are the key drivers behind today’s market rally?
    The rally is driven by strong buying in large-cap private bank stocks, supported by positive trading across regional Asian markets at the start of the week.

    2. Which sectors are outperforming and which are lagging?
    The Nifty Bank and Nifty Private Bank indices are leading the market higher, while the Nifty IT and Nifty Media indices are facing the most significant selling pressure.

    3. How are the broader markets performing?
    The broader market shows balanced participation. The Nifty MidCap and Nifty SmallCap indices are trading in the green, up 0.18% and 0.08% respectively.

    4. What is the current status of the IC Electricals IPO?
    The IC Electricals initial public offer entered its second day of subscription. The public book-built issue is valued at ₹47.91 crore.

    5. What should investors monitor for the remainder of the day?
    Investors should watch if bank stocks maintain momentum, whether pressured IT shares stabilize, and track subscription numbers for the ongoing IPO.