Shares of HDFC Bank were in heavy demand on Wednesday, rising over 2% and adding Rs 28,758.71 crore to its market valuation. The stock climbed 2.18% to settle at Rs 1,768.35 apiece on the BSE. During the day, it jumped 3.54 % to Rs 1,791.90 -- its 52-week high level.
On the NSE, it rallied 2.14%to Rs 1,767.70 per share. The company's market valuation climbed Rs 28,758.71 crore to Rs 13,45,382.31 crore. "HDFC Bank led the recovery on the back of a potential increase in the bank's weightage in the MSCI emerging markets index. Yesterday, the bank reported June 2024 quarter shareholding data which showed that the FII ownership stands at 54.8% which triggered the possible increase in the MSCI emerging markets index, and if this comes in the market then it can potentially bring inflows of $3.2 billion to $4 billion," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
HDFC Bank alone contributed 249.03 points to the 30-share BSE Sensex smart rally.
"Private banks saw healthy buying after HDFC Bank released its Q1 FY25 shareholding data, wherein the FII ownership has declined to 54.8%, below the 55% mark, indicating greater MSCI inflows," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.
The 30-share BSE Sensex hit the historic 80,000 mark for the first time earlier in the day. It surged 632.85 points or 0.79% to hit a record intraday high of 80,074.30. The benchmark later ended near the 80,000 level at 79,986.80, up by 545.35 points or 0.69%.
The Nifty climbed 162.65 points or 0.67% to an all-time high of 24,286.50. During the day, it zoomed 183.4 points or 0.76% to hit a fresh intraday record peak of 24,307.25. Meanwhile, other banking stocks -- Kotak Mahindra Bank, Axis Bank, IndusInd Bank and State Bank of India -- also ended higher.
