HDFC Bank share reaches 52 week high
The boom in the Indian stock market continues. Sensex and Nifty are trading at their record highs, especially due to tremendous buying in banking and financial stocks. HDFC Bank is showing the most strength in the banking sector. Today, HDFC Bank shares climbed more than 3 percent and made a new 52-week high. The special thing is that this stock has given a breakout, because for the last 3 years, HDFC Bank’s stock was trading in a range of 500 points. Now it has broken the range and gone up with good volume.
On July 3, in early morning trading, the price of HDFC Bank shares rose more than 3% to ₹ 1,791.90. This is a 52-week high.
This rise in HDFC Bank shares has come due to the expectation of higher fund inflows amid a possible weightage increase in the MSCI index. HDFC Bank informed about its latest share holding pattern. The bank said that FII holding has come down below 55 percent. Whenever shareholding comes down, the weightage of the bank increases. In such a situation, the fund inflow increases. The inflow is expected to be between $300 and $400 now.
Brokerage gave big targets
Brokerage firm Jefferies said that HDFC Bank’s jump in MSCI index weightage will be very positive for the shares in the near term. Foreign brokerage firms are bullish on HDFC Bank. CLSA’s Market Research has said that this bank stock can go up to Rs 2,373. This means that it can rise by 35 percent from the current levels.
