HDFC Bank Jumps As Analysts Expect Lender To Benefit From Easing Of Curbs By RBI

Shares of HDFC Bank rose over 2.7% as analysts expect the lender to benefit from the removal of restrictions placed by RBI.

  • Analysts say that the negative sentiment due to business restrictions would dissipate and believe that digital initiatives would aid growth.
  • Trading volume on the stock was 2.5 times the 30-day average volume at this time of the day. The stock was the top gainer in NSE Nifty Bank index.

HDFC Bank top gainer on Sensex

HDFC Bank share price soared 2.36% to hit a high of Rs 1,433 per share on Monday morning as the stock trades as the top performer on Sensex. The up-move comes after RBI lifted the restrictions on HDFC Bank that restricted the lender from new digital launches.

In Focus: India’s Banks As RBI Lifts Restrictions On HDFC Bank

  • Shares of lenders and financial companies in India may move after the central bank lifted restrictions it had placed on HDFC Bank from launching new digital business-generating activities
  • In Focus: HDFC Bank, SBI, ICICI Bank, Axis Bank, IndusInd Bank, Bajaj Finance, Bajaj Finserv, SBI Cards

Bond Traders To Parse RBI’s Patra’s Comments

India’s bond traders will weigh a top central bank official’s comments stating that policy makers see the rise in oil prices as a supply-side shock. Retail inflation figures are also on the radar

  • USD/INR rose 0.4% to 76.5938 on Friday
  • 10-year yields climbed 5bps to 6.86% on Friday
  • Global funds sold net Rs 2,260 crore of India stocks Friday:NSE
  • They sold Rs 118 crore of sovereign bonds under limits available to foreign investors, and added Rs 69 crore of corporate debt
  • State-run banks bought Rs 1,410 crore of sovereign bonds on March 11: CCIL data. Foreign banks sold Rs 938 crore of bonds.

Jubilant Food, Mahanagar Gas

  • Jubilant Food cut to ‘underweight’ from ‘overweight’ at Morgan Stanley; price target set at Rs 2,250.
  • Jubilant Food cut to ‘underperform’ from ‘neutral’ at Macquarie; price target set at Rs 2,150.
  • Jubilant Food cut to ‘neutral’ from ‘overweight’ at JPMorgan; price target set at Rs 3,000.
  • Mahanagar Gas cut to ‘neutral’ from ‘outperform’ at Macquarie; price target set at Rs 825.

Source: Bloomberg

Metro Brands share price expected to rally

Metro Brand stock is expected to rally close to 33% from the current market price, according to analysts at Ambit. The brokerage firm has initiated the coverage of the stock with a target price of Rs 718 per share.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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