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HDFC Bank Shares Soar on Q4 Updates

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HDFC Bank Shares Soar on Q4 Updates

HDFC Bank Shares Soar on Q4 Updates - InvestNagar


HDFC Bank shares surged over 3% today following the release of its Q4 updates. The stock rose by 3.19% intraday to reach Rs 1529.85 on BSE, with a market cap of Rs 11.60 lakh crore. Later, it closed 3.06% higher at Rs 1527.90, making it the top gainer on both Sensex and Nifty.

Despite a 5% drop over the past year and a 10% decline in 2024, HDFC Bank stock showed signs of low volatility, with a one-year beta of 0.7. While trading above the 5, 10, and 20-day moving averages, it remained below the 30, 50, 100, 150, and 200-day moving averages.

The bank reported a substantial growth in gross advances, reaching Rs 25.08 lakh crore as of March 31, 2024, marking a 55.4% increase YoY and a 1.6% increase QoQ. Domestic retail loans saw a remarkable surge of 108.9% YoY and 3.7% QoQ, while commercial & rural banking loans grew by 24.6% YoY and 4.2% QoQ. However, corporate & other wholesale loans showed mixed results, rising 4.1% YoY but dropping 2.2% QoQ.

The relative strength index (RSI) of HDFC Bank stood at 61.2, indicating neither oversold nor overbought conditions.

Key Points:

  1. HDFC Bank shares surged over 3% on Q4 updates.
  2. Market cap of the bank reached Rs 11.60 lakh crore.
  3. Despite yearly and 2024 declines, the stock showed low volatility.
  4. Gross advances reached Rs 25.08 lakh crore, with significant YoY and QoQ growth.
  5. Domestic retail loans witnessed a surge of 108.9% YoY.
  6. Commercial & rural banking loans also reported substantial growth.
  7. Corporate & other wholesale loans showed mixed results.
  8. HDFC Bank stock remained below various moving averages.
  9. Relative strength index (RSI) stood at 61.2, indicating neutral conditions.
Disclaimer: InvestNagar offers stock market news solely for informational purposes and should not be interpreted as investment advice. We recommend readers to seek guidance from a certified financial advisor prior to making any investment decisions.

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