Top Stock Market Updates Today (21 Aug 2026): HDFC Bank, ICICI Bank Raise Billions Overseas as IT Stocks Slide

Banking dominated the headlines on 21 August 2026, with HDFC Bank pulling off its biggest overseas fundraise since 2008 even as the stock hovered near a 52-week low, while ICICI Bank moved to raise $5 billion abroad on the back of a 16% Q1 profit jump. IT stocks slid after Kotak downgraded both TCS and Infosys on pricing pressure and H-1B visa concerns, and metals had a strong session with Hindustan Zinc and Adani Power both rallying sharply. Infrastructure names also had plenty to talk about, led by a large POWERGRID contract win and a $1.8 billion order that sent Welspun Corp soaring.

HDFC Bank Raises $1.75 Billion, Its Largest Overseas Deal Since 2008

HDFC Bank raised $1.75 billion overseas, marking its biggest such fundraise since 2008. The bank is also planning a record bond sale to meet FCNR(B) funding needs. Shares gained around 1% on the news but remain near a 52-week low, down roughly 26% year-to-date — a reminder that a large capital raise doesn't automatically reverse a stock's longer-term trend.

ICICI Bank Lines Up $5 Billion Overseas Borrowing After Strong Q1

ICICI Bank's board approved a plan to raise $5 billion overseas. This follows a Q1 in which profit jumped 16%, and Goldman Sachs has set a ₹1,935 target on the stock. The contrast with HDFC Bank is notable — both large private banks are tapping overseas markets in the same week, but ICICI's move comes off a stronger recent earnings print.

IT Stocks Slide on H-1B Worries and Downgrades

IT stocks fell as concerns around H-1B visa policy resurfaced. Kotak downgraded TCS to 'Add' with a ₹2,450 target, citing pricing pressure, and also cut Infosys to a ₹1,200 target for similar reasons. The brokerage said it now prefers Tech Mahindra and Coforge within the sector.

POWERGRID and Welspun Corp Lead a Strong Day for Order Wins

POWERGRID's order book jumped to ₹2.2 lakh crore after winning a large contract reported at ₹26,000 crore, adding roughly ₹45,000 crore to its pipeline. The stock surged 4% to hit its day's high on the news.

Welspun Corp had an even sharper reaction, soaring 13% after securing a $1.8 billion order — a deal big enough to push the stock's year-to-date gain to around 181%. The company separately confirmed a ₹17,200 crore supply order.

Metals Rally: Hindustan Zinc and Adani Power Surge

Hindustan Zinc rose 7% over two sessions, touching ₹595, after silver prices hit $70 an ounce. HSBC kept a 'Buy' rating with a ₹770 target, citing strong zinc and silver prices and implying roughly 33% further upside.

Adani Power jumped 71% year-on-year following a favourable ruling, with market watchers eyeing a ₹195-205 trading range going forward.

Auto and EV: Bain Capital Backs JBM Auto

JBM Auto surged 10% after Bain Capital agreed to invest ₹2,850 crore in the company's EV unit, a deal the company said involved no SEBI disclosure obligation on its part. The stock's move also reflected a technical breakout, according to market commentary.

Separately, gold's rise to ₹1.6 lakh per unit lifted jewellery names, with Titan and Kalyan Jewellers both gaining and Motilal Oswal setting a ₹6,000 target on Titan.

Sugar Stocks Fall on Duty-Free Import Approval

Sugar stocks dropped between 5% and 7% after the government approved duty-free sugar imports. Shree Renuka Sugars fell even as the broader commodity rallied elsewhere, with the company's stock specifically flagged as weighed down by the new import policy.

Sector Analysis

Banking sentiment was mixed: private lenders are raising large sums overseas, but HDFC Bank's continued underperformance shows the market isn't rewarding capital-raising alone. ICICI Bank's combination of a profit beat and a fresh borrowing plan drew a more constructive reaction.

IT stayed under pressure, with Kotak's downgrades of TCS and Infosys signalling sector-wide caution on pricing and visa policy even as mid-tier names like Tech Mahindra and Coforge were flagged as relative preferences.

Metals and mining had a strong day on the back of firm silver and favourable rulings, while infrastructure and industrials benefited from large, concrete order wins at POWERGRID and Welspun Corp. Sugar was the clear sector laggard, hit by a policy-driven import decision.

Market Outlook

The bullish case for the day rests on tangible order wins at POWERGRID and Welspun Corp, a strong metals rally tied to silver prices, and continued private-bank access to overseas capital markets. The bearish case centres on IT sector downgrades tied to H-1B policy risk and pricing pressure, HDFC Bank's continued share price weakness despite its large fundraise, and the sugar sector's sharp fall on the government's import decision.

Investors may want to watch whether other brokerages follow Kotak's lead on IT, how HDFC Bank's stock responds in the sessions following its bond raise, and whether the metals rally tied to silver prices has further room to run.