HDFC Bank shares traded modestly higher on Monday, supported by positive commentary from Macquarie, even as the broader banking index lost momentum in late trade. The stock was up 0.19 percent at about Rs 999.90 near 3 pm, after briefly rising as much as 1.3 percent to an intraday high of Rs 1,011.45. It has gained 12 percent year-to-date, outperforming the Nifty’s 9.3 percent rise over the same period.
Today's gains in HDFC Bank stock came even as the Bank Nifty index flattened out. The banking gauge was unchanged at 58,867.70 around 3.10 pm, having retreated nearly 450 points from the day’s peak of 59,309.9. The intraday reversal suggested some profit-taking across financials despite early strength.
The stock found support from Macquarie, which said it expects HDFC Bank to deliver a strong earnings trajectory over the next two years. The brokerage forecast an 18-20 percent compound annual growth in earnings per share, driven by improving loan growth and margins. It added that cost ratios could decline over the medium term as the bank benefits from operational efficiencies.
Despite giving up part of its intraday advance, the stock retained a firmer bias relative to the broader banking pack, which struggled to hold early gains. Benchmark indices also saw profit booking from day's highs. At 3:10 pm, BSE Sensex was down 306.6 points or 0.4 percent at 84,925.3, and the Nifty was down 102 points at 25,966.1.
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