New Delhi, November 28, 2024.
India’s largest private lender HDFC Bank’s market capitalisation topped ₹14 lakh crore for the first time on Thursday, November 28 as the stock rose to its fresh high of ₹1,836.05 today.
HDFC Bank’s market cap touched ₹14.01 lakh crore but later slipped below the coveted ₹14 lakh crore mark amid sharp profit-taking in the broader markets.
The recent surge in the lender’s performance can be attributed to the MSCI rebalancing, which came into effect on Monday, November 25. Analysts project an influx of around $2.5 billion into Indian markets, with HDFC Bank expected to receive a significant portion of this capital.
As part of this rebalancing, HDFC Bank’s weight in the MSCI Emerging Markets (EM) Index is set to rise, potentially bringing in $1.9 billion in foreign institutional investor (FII) investments, suggested estimates by Nuvama Alternative Research.
In the last one month, the stock is up 4.8 per cent while on a year-to-date (YTD) basis, it has gained 6 per cent. Meanwhile, in the last one year the stock of India’s most valuable lender has surged 18 per cent.
