HDFC Bank Shares Surge 2%, Market Valuation Jumps ₹28,758.71 Cr
Jul 03, 2024 17:20
HDFC Bank shares climbed over 2% on Wednesday, boosting its market valuation by ₹28,758.71 crore. The surge was attributed to a potential increase in the bank's weightage in the MSCI emerging markets index.
New Delhi, Jul 3 (PTI) Shares of HDFC Bank were in heavy demand on Wednesday, rising over 2 per cent and adding Rs 28,758.71 crore to its market valuation.
The stock climbed 2.18 per cent to settle at Rs 1,768.35 apiece on the BSE. During the day, it jumped 3.54 per cent to Rs 1,791.90 -- its 52-week high level.
On the NSE, it rallied 2.14 per cent to Rs 1,767.70 per share.
The company's market valuation climbed Rs 28,758.71 crore to Rs 13,45,382.31 crore.
"HDFC Bank led the recovery on the back of a potential increase in the bank's weightage in the MSCI emerging markets index. Yesterday, the bank reported June 2024 quarter shareholding data which showed that the FII ownership stands at 54.8 per cent which triggered the possible increase in the MSCI emerging markets index, and if this comes in the market then it can potentially bring inflows of $3.2 billion to $4 billion," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
HDFC Bank alone contributed 249.03 points to the 30-share BSE Sensex smart rally.
"Private banks saw healthy buying after HDFC Bank released its Q1 FY25 shareholding data, wherein the FII ownership has declined to 54.8 per cent, below the 55 per cent mark, indicating greater MSCI inflows," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.
The 30-share BSE Sensex hit the historic 80,000 mark for the first time earlier in the day. It surged 632.85 points or 0.79 per cent to hit a record intraday high of 80,074.30. The benchmark later ended near the 80,000 level at 79,986.80, up by 545.35 points or 0.69 per cent.
The Nifty climbed 162.65 points or 0.67 per cent to an all-time high of 24,286.50. During the day, it zoomed 183.4 points or 0.76 per cent to hit a fresh intraday record peak of 24,307.25.
Meanwhile, other banking stocks -- Kotak Mahindra Bank, Axis Bank, IndusInd Bank and State Bank of India -- also ended higher.
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