New Delhi, HDFC Bank shares were in high demand on Wednesday, rising over 2 per cent and adding Rs 28,758.71 crore to its market valuation.
The stock rose 2.18 per cent to settle at Rs 1,768.35 apiece on the BSE. During the day, it jumped 3.54 percent to Rs 1,791.90, its highest level in 52 weeks.
On the NSE, it rose 2.14 per cent to Rs 1,767.70 per share.
The market valuation of the company rose from Rs 28,758.71 crore to Rs 13,45,382.31 crore.
"HDFC Bank led the rally on the back of a possible increase in the bank's weighting in the MSCI emerging markets index. Yesterday, the bank reported stock holding data for June 2024 quarter that showed FII ownership standing at 54.8 percent, which triggered the possible rise in the MSCI emerging markets index, and if this hits the market, then it can potentially generate inflows of between $3.2 billion and $4 billion," said Prashanth Tapse, senior vice president. (research) of Mehta Equities Ltd.
HDFC Bank alone contributed 249.03 points to the smart rally of 30 BSE Sensex stocks.
“Private banks saw healthy buying after HDFC Bank released its Q1FY25 shareholding data, in which FII ownership declined to 54.8 per cent, below the 55 per cent mark , indicating higher inflows from MSCI," Siddhartha Khemka, head of retail research at Motilal Oswal. Financial Services Ltd, he said.
The 30-share BSE Sensex touched the historic 80,000 mark for the first time on the same day. It rose 632.85 points or 0.79 percent to hit a record intraday high of 80,074.30. The benchmark index subsequently ended near the 80,000 level at 79,986.80, up 545.35 points or 0.69 percent.
The Nifty rose 162.65 points or 0.67 per cent to an all-time high of 24,286.50. During the day, it rose 183.4 points or 0.76 percent to hit a new intraday record of 24,307.25.
Meanwhile, other banking stocks (Kotak Mahindra Bank, Axis Bank, IndusInd Bank and State Bank of India) also ended higher.
The stock rose 2.18 per cent to settle at Rs 1,768.35 apiece on the BSE. During the day, it jumped 3.54 percent to Rs 1,791.90, its highest level in 52 weeks.
On the NSE, it rose 2.14 per cent to Rs 1,767.70 per share.
The market valuation of the company rose from Rs 28,758.71 crore to Rs 13,45,382.31 crore.
"HDFC Bank led the rally on the back of a possible increase in the bank's weighting in the MSCI emerging markets index. Yesterday, the bank reported stock holding data for June 2024 quarter that showed FII ownership standing at 54.8 percent, which triggered the possible rise in the MSCI emerging markets index, and if this hits the market, then it can potentially generate inflows of between $3.2 billion and $4 billion," said Prashanth Tapse, senior vice president. (research) of Mehta Equities Ltd.
HDFC Bank alone contributed 249.03 points to the smart rally of 30 BSE Sensex stocks.
“Private banks saw healthy buying after HDFC Bank released its Q1FY25 shareholding data, in which FII ownership declined to 54.8 per cent, below the 55 per cent mark , indicating higher inflows from MSCI," Siddhartha Khemka, head of retail research at Motilal Oswal. Financial Services Ltd, he said.
The 30-share BSE Sensex touched the historic 80,000 mark for the first time on the same day. It rose 632.85 points or 0.79 percent to hit a record intraday high of 80,074.30. The benchmark index subsequently ended near the 80,000 level at 79,986.80, up 545.35 points or 0.69 percent.
The Nifty rose 162.65 points or 0.67 per cent to an all-time high of 24,286.50. During the day, it rose 183.4 points or 0.76 percent to hit a new intraday record of 24,307.25.
Meanwhile, other banking stocks (Kotak Mahindra Bank, Axis Bank, IndusInd Bank and State Bank of India) also ended higher.
