HDFC Bank share price gained nearly 2% on Monday amid broad-based buying in banking stocks, fuelling a short-covering rally in the Indian stock market. HDFC Bank stock rose as much as 1.91% to a high of ₹1,805.90 apiece on the BSE.
Positive momentum in HDFC Bank shares was also boosted after Emkay Global reiterated its bullish view on the banking heavyweight and raised target price on the stock.
Emkay Global retained its ‘Buy’ rating on HDFC Bank shares and increased the target price by 5% to ₹2,100 apiece, implying an upside of 18.5% from Friday’s closing price.
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HDFC Bank stock price update
HDFC Bank’s share price has exhibited subdued performance over the past year. However, the stock of India’s largest private sector bank has shown some recovery, appreciating over 3% in the last month and 8% in the past six months.
Year-to-date (YTD), HDFC Bank’s shares have delivered a modest return of 5.7%, trailing the benchmark indices. In comparison, the Sensex has gained 8.6%, while the Nifty Bank index has posted a 6% increase during the same period.
At 12:25 PM, HDFC Bank shares were trading 1.43% higher at ₹1,797.40 apiece on the BSE, commanding a market capitalization of around ₹13.74 lakh crore.
