HDFC Bank’s m-cap surpasses Rs 14 lakh crore after stock hits record high

HDFC Bank, one of the largest private lenders of the nation has announced that its market capitalization has reached Rs 14 lakh crore for the first time on Thursday after the stock hit a fresh record high of Rs 1,836.05 on the BSE. The market cap peaked at Rs 14,00,710 crore but later slipped below this level amid profit-taking in the broader markets.

The market value gap between HDFC Bank and TCS stands at just 10.4%, while it trails RIL by 24.1%, based on current market valuations.

At 11:17 am, HDFC Bank shares were trading at Rs 1,808.40, down 0.14%. Earlier in the day, the stock gained 1.4%, reaching a record high of Rs 1,836.05.

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According to Trendlyne data, the average target price for the stock is Rs 1,936, indicating an upside of 8% from the current market price. The consensus recommendation from 40 analysts is a 'Strong Buy.'

In technical terms, the stock's relative strength index (RSI) is currently at 65.8, signaling it is neither in the overbought nor oversold territory. Additionally, the MACD is at 11, above its center and signal line, indicating a bullish trend.

HDFC Bank is India's third most valuable listed company, following Reliance Industries (RIL), with a market cap of Rs 17.38 lakh crore, and Tata Consultancy Services (TCS), with a market cap of Rs 15.46 lakh crore.

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