Friday 17 February 2017

Ways2Capital : HDFC Twins Push Sensex Higher

Posted by suhani varma on Friday, February 17, 2017 with No comments

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As stellar performance by HDFC Bank is pushing the markets to higher levels. HDFC twins put together are contributing almost 230 points to the Sensex gains. Sensex is up by almost 370 points in the early morning hours of the trade.

HDFC bank also managed to push the NIFTY Bank Index to record highs after the stocks itself made record highs touching Rs 1450 per share.The bullish sentiment in the HDFC Bank counter is due to the latest RBI notification on extant FDI policy.

The Reserve Bank of India has on Thursday notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ Foreign institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs)/ Foreign Direct Investment (FDI)/Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy. Hence the restrictions placed on the purchase of shares of the HDFC Bank are withdrawn.

HDFC Bank Ltd is currently trading at Rs 1432, up by Rs 104.65 or 7.88% from its previous closing of Rs 1327.35 on the BSE.The scrip opened at Rs 1439 and has touched a high and low of Rs 1450 and Rs 1425 respectively. So far 35861707(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 339573.68 crore.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1333.2 on 16-Feb-2017 and a 52 week low of Rs 928.8 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs 1333.2 and Rs 1299 respectively.The promoters holding in the company stood at 21.26 % while Institutions and Non-Institutions held 44.3 % and 15.93 % respectively.The stock is currently trading above its 100 DMA.


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