Business

HDFC Bank shares set to fly rocket high

HDFC Bank shares set to fly rocket high

Both the benchmark indices BSE Sensex and Nifty 50 closed with gains of over half a percentage point.

For the second day, the Sensex broke free on Friday, shooting up almost 425 points, and the Nifty wrested back control of the 8,800-mark in early session on substantial gains across the spectrum, driven by increased foreign capital inflows.

Other Asian markets ended higher, tracking another record closing at the U.S. stock markets.

Among pharmaceutical companies, Aurobindo Pharma Limited, Cipla Limited, and Lupin Limited closed 1.06%, 1.44% and 0.98% higher.

The 30-share BSE sensex, which opened higher with a gap at 28,670.43, touched a high of 28,726.26 after participants widened their bets on foreign fund inflows amid persistent buying by domestic institutional investors.

Europe too was higher in early trading, with London's FTSE climbing 0.4 per cent and Paris 0.3 per cent and Frankfurt gaining.

Macquarie had said that the stock would move back into the caution limit soon, even as it maintained its "outperform" rating on HDFC Bank with a target price of Rs 1,440.

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The Indian rupee strengthened by four paise to 66.90 against a USA dollar from its previous close of 66.94 to a greenback.

On NSE, it rose by 3.7 per cent to close at Rs 1,377.05.

HDFC Bank is up 3.5% following the central bank allowing foreign investors to buy more of the stock after their holdings fell below the prescribed limit.

The BSE market breadth was skewed in favour of the bears - with 2,169 declines and 664 advances.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 6.45 crore yesterday, as per provisional data released by the stock exchanges. Other banks including Kotak Mahindra Bank Limited and IDFC Bank Limited gained between 0.44%-1.78%.

Shanghai Composite Index lost 0.85 per cent, Japan's Nikkei fell 0.58 per cent, Hong Kong's Hang Seng by 0.31 per cent and SC South Korea by 0.06 per cent. Wipro, Hindalco and Infratel fell 1-4 percent.

The total turnover on BSE amounted to Rs 3,742.33 crore, higher than Rs 2,618.23 crore registered during the previous trading session.


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