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HDFC Bank's market capitalization has surpassed Rs 14 lakh crore for the first time, with shares trading at Rs 1,825.90, up 0.75% in morning trade. The stock has gained 17.94% over the past six months, significantly outperforming the benchmark Sensex, which rose 5.93% in the same period.
Indian equity markets showed moderate gains on November 28, with the BSE Sensex up 146 points at 80,380 and the NSE Nifty rising 55 points to 24,330, buoyed by positive FII flows following recent state election results. Market breadth was favorable, with 2,427 shares advancing against 719 declining. Kranthi Bathini from WealthMills Securities noted a positive trend, with Nifty consolidating near 24,500, while Adani Enterprises led gains, surging over 4 percent.
HDFC Securities has confirmed the closure of its franchisee business, clarifying that the decision was a strategic move to streamline operations and improve service quality, not due to compliance issues as rumored. The company emphasized that the initiative was planned earlier this year, countering misinformation circulating on social media.
Merchant bankers managing the NTPC Green Energy IPO earned a modest Rs 7 crore for overseeing the substantial Rs 10,000-crore offering. The firms involved in this venture include IDBI Capital Markets, HDFC Bank, IIFL Capital Services, and Nuvama Wealth Management.
The Nifty and Sensex reversed gains after a strong opening, closing lower due to declines in auto and energy stocks. The Sensex fell by 147.14 points to 79,962.71, while the Nifty dropped 39.40 points to 24,182.50, amid concerns over earnings and a lack of positive market triggers. Despite a significant influx of foreign institutional investment, experts caution that the recent rally may not be sustainable.
Bulls continued to dominate Dalal Street, pushing the Nifty 50 up by 1.3% on November 25, with a positive market breadth as 1,783 shares advanced against 744 declines. Despite a significant 1,000-point rally over two sessions, some consolidation may occur. Recommended short-term buy ideas include TCS and HDFC Bank.
Indian equities are set to receive $2.5 billion in inflows following the MSCI's latest rejig, which will include BSE, Voltas, Alkem Laboratories, Kalyan Jewellers, and Oberoi Realty in the MSCI Global Standard Index. HDFC Bank's weightage will increase, contributing to a total of 156 stocks in the MSCI Standard/EM Index, while the Smallcap Index will see 13 new inclusions, raising its total to 525. India's representation in the MSCI EM Index will rise from 19.3% to approximately 19.8%, marking the highest increase among emerging markets in this rejig.
The market capitalization of eight of the top ten domestic firms surged by Rs 1.55 lakh crore, with HDFC Bank leading the gains, adding Rs 40,392.91 crore to reach Rs 13,34,418.14 crore. Tata Consultancy Services (TCS) also saw a significant increase, rising by Rs 36,036.15 crore to a valuation of Rs 15,36,149.51 crore. In contrast, Reliance Industries and Life Insurance Corporation of India (LIC) lagged behind in this upward trend.
Gold loans are a popular financing option in India, especially for emergencies, with interest rates ranging from 9.15% to 28% per annum. For a ₹3 lakh loan at a 12% interest rate over one year, borrowers should consider total costs, including processing fees and other charges, to understand their financial commitment. Major banks and NBFCs like HDFC Bank and ICICI Bank offer competitive rates, which can vary based on loan terms and market conditions.
Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
HDFC Bank market cap surpasses 14 lakh crore for the first time
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