HDFC Banks biggest Intraday jump in last 3 months

Published : 21 February 2024

The shares of HDFC Bank had the largest intraday increase in over three months. With a 2.63% gain today, the stock closed at ₹1,454 a share, the highest one-day increase since December 4. 

HDFC Banks biggest Intraday jump in last 3 months

The benchmark Nifty 50 has also reached a new record high of 22,215 points thanks to this robust rise. 80% of the index's total gains today came from the sharp increase in HDFC Bank's shares, which has a significant 14% weighting in the Nifty 50. 

HDFC Bank pushed Nifty50 to reach its new high

Citi has maintained its 'buy' recommendation on HDFC Bank, with a target price of ₹2,050 per share. This suggests a possible upside of more than 41% from the closing price of today.  With a ₹2,110 target price per share, Morgan Stanley maintained its 'overweight' rating on the company.

Broker views

The bank plans to introduce a smooth and direct loan application process for home renovation loans by the middle of March, potentially creating a valuable product line for its clientele. The bank also plans to provide a home saver product by April 2024. 

HDFC Bank's growth strategy

After the bank released its Q3 results, which were below analyst expectations, the shares saw strong selling pressure. There was a 17.56% decrease in the stock's value between January 16 and February 14. It has somewhat recovered in the last few sessions, although it is still 13.40% below the levels before to the Q3 statement. 

Recovery phase

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