Most Indian banks saw their market capitalization increase in the October-December quarter, driven by festive season demand and a reduction in GST rates. Smaller private banks led these gains, outperforming public sector lenders after a weaker previous quarter. IDFC First Bank, Federal Bank, and AU Small Finance Bank recorded significant market cap jumps. The top 10 banks' rankings remained stable, with HDFC Bank, ICICI Bank, and State Bank of India maintaining their positions.