Gold Silver Reports (GSR) – HDFC Bank Share Price Slides As Share Limit Increases — Shares of the country’s largest private lender fell as much as 2.5 percent, the most since April 23, to Rs 2,058. Global funds can increase their stake in the Mumbai-based bank by 1.68 percent or 4.3 crore shares, according to NSDL data. At present, they hold 72.3 percent of HDFC Bank, right under the cap of 74 percent for lenders.
Trading volume was 43.7 times the 20-day average, Bloomberg data showed. The stock is trading 10 percent below the Bloomberg consensus one-year target price.
HDFC Bank Drags Indices After Erasing Gains
✅ Indian equity benchmarks erased early gains and were dragged lower, led by HDFC Bank.
✅ The S&P BSE Sensex Index fell as much as 0.4 percent to 35,089 and The NSE Nifty 50 Index fell as much as 0.5 percent to 10,648.20.
✅ The market breadth was tilted in favour of sellers. About 1,213 stocks declined and 394 shares advanced in NSE.
Shares of the business consulting service provider rose as much as 1.6 percent to hit a record high at Rs 290.40.
About 10.5 lakh shares changed hands in a block deal on BSE, according to Bloomberg report. Buyers and sellers were not known immediately. The stock returned 59 percent so far this year and gained 151 percent in the past 12 months.
Hero MotoCorp Swings After May Sales Rise
Shares of the country’s largest two-wheeler maker swung between gains and losses and traded at Rs 3,618 as of 9:50 a.m. The company’s sales in May rose 11 percent over the year-ago month to 7.06 lakh units, according to its exchange filing.
Trading volume was 2.1 times its 20-day average. The stock fell 0.2 percent last month, compared to 1.1 percent advance in Sensex.
Expect Nifty Head Towards 12,000-Mark If Oil Corrects To $70/bbl
Nifty is expected to touch 12,000-mark if oil correct to $70 a barrel, Manish Sonthalia, head of equities – PMC at Motilal Oswal Asset Management Company told BloombergQuint in an interaction.
✅ Except for corporate banks, earnings were decent in March quarter.
✅ Market is looking more positive now as oil is off highs.
✅ Not seeing too much probability of a rate hike at the moment.
Markets already factoring in 50 basis points hike this year, as of now expect a status quo.
✅ Mid Cap correction on account of SEBI reclassification.
✅ Have seen some volume uptick for consumer companies.
✅ Inflationary environment works well for staples.
✅ Expect more haircuts in banking space going forward.
