India's stock market experienced a robust rally led by strong quarterly earnings from major private banks ICICI Bank and HDFC Bank. Both banks reported better-than-expected Q4 FY25 results, with ICICI Bank delivering a blockbuster quarter despite macroeconomic headwinds and HDFC Bank posting strong loan growth and margin gains. Brokerages maintained a bullish outlook on both stocks, with Jefferies reiterating 'buy' ratings on ICICI Bank and HDFC Bank, raising the target price for ICICI Bank while slightly lowering FY26-27 EPS estimates for HDFC Bank by 3-4%. Following these results, ICICI Bank shares hit a 52-week high, and HDFC Bank shares reached an all-time high. The positive earnings reports contributed to the Nifty Bank index hitting record highs, surpassing the 55,300 mark for the first time, with an intraday gain of nearly 2%. The broader market also responded positively, with the Sensex rising over 1,000 points to above 79,500 and the Nifty 50 crossing 24,100 points. Financials led the sectoral gains, supported by banking stocks, while the IT sector also showed strength, with shares of Infosys, Tech Mahindra, Mphasis, and HCL Technologies rising up to 6% following Infosys' 3% sequential net profit increase in Q4. The market breadth favored advances significantly, with the advance-decline ratio at 4:1. Investors' confidence was bolstered by expectations of sustained loan growth, stable margins, and manageable credit costs from the banking sector, alongside positive foreign investor activity and anticipation of a trade agreement with the US. Overall, the market's strong performance on April 21, 2025, reflected optimism around India's financial and IT sectors amid solid corporate earnings and macroeconomic factors.