HDFC Bank Shares Soar on Q4 Updates
Synopsis:
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:
- HDFC Bank shares surged over 3% on Q4 updates.
- Market cap of the bank reached Rs 11.60 lakh crore.
- Despite yearly and 2024 declines, the stock showed low volatility.
- Gross advances reached Rs 25.08 lakh crore, with significant YoY and QoQ growth.
- Domestic retail loans witnessed a surge of 108.9% YoY.
- Commercial & rural banking loans also reported substantial growth.
- Corporate & other wholesale loans showed mixed results.
- HDFC Bank stock remained below various moving averages.
- Relative strength index (RSI) stood at 61.2, indicating neutral conditions.