HDFC Bank Rises After ADRs Surge 9% Overnight

Gold Silver Reports (GSR) – HDFC Bank Rises After ADRs Surge 9% Overnight – Shares of the country’s largest private sector lender rose as much as 4.48 percent to record high of Rs 2,126 following sharp surge in HDFC Bank ADR shares overnight. HDFC Bank shares will be opened for FII buying starting tomorrow. Macquarie estimates that buying by foreign investors in HDFC Bank shares could be in excess of $1 billion.

ICICI Bank Falls As Bank To Probe Complaint Against CEO Kochhar 

Shares of the country’s second largest private sector lender by assets fell as much as 1.68 percent to Rs 280.10. ICICI Bank aftermarket hours yesterday said it will conduct an independent enquiry into whistleblower’s complaint about alleged impropriety by its Managing Director and Chief Executive Officer Chanda Kochhar.

Indian equity benchmarks moved higher led by gains in HDFC twins after HDFC Bank ADR shares surged 8.6 percent overnight. The S&P BSE Sensex rose 0.4 percent or 143 points to 35,051 and the NSE Nifty 50 index advanced 0.3 percent or 36 points to 10,648.

Nine out of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s 0.8 percent gain. On the other hand, the Nifty PSU Bank index was the top loser, down 0.2 percent. The broader markets were in line with their larger peers as the S&P BSE MidCap and S&P BSE SmallCap indexes rose 0.3 percent each.

Reliance Communications Surges On Settlement Of Payment Dispute 

Shares of the Anil Ambani-led telecom operator rose as much as 20 percent to Rs 21 after it settled payment dispute with Ericsson. Reliance Communications will now proceed with a planned asset sale to Reliance Jio Infocomm.

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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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