HDFC Bank shares slip under selling pressure, near 52-week low
The stock opened at ₹726.30, touched a high of ₹729, matching the previous close, before slipping to a low of ₹724.60, just above its 52-week low of ₹722, recorded on August 12
HDFC Bank's shares experienced a decline of 0.56 percent, reaching ₹724.95 per share on Tuesday, August 18, as sell-side orders outnumbered buy-side orders. The stock opened at ₹726.30 and fluctuated between ₹729 and ₹724.60, just above the 52-week low of ₹722, set on August 12. Over 31.78 lakh shares were traded, generating ₹230.82 crore in turnover.
Deliverable quantity made up 80.48 percent of the total traded volume. Over the year-to-date period, HDFC Bank has shed 26.86 percent and over the past 12 months, it has declined 27.64 percent, trailing the Nifty 50, which has fallen 7.36 percent YTD and 2.63 percent over one year. The stock's performance over three years is down 8.86 percent compared to the Nifty 50's gain of 25.44 percent.
The bank's market capitalization is valued at ₹11,17,152 crore, with a free float of ₹11,08,074 crore. Its price-to-earnings ratio stands at 14.22, and its annualized volatility is 25.79 percent, with daily volatility at 1.35 percent. HDFC Bank also boasts among the largest MTF positions, with ₹3,212 crore in outstanding positions, up 36 percent.
The Bank Nifty index, currently at 57,289.50, has declined 0.36 percent or 208.30 points intraday, ranging from 57,280.20 to 57,584.70. Analysts from Bajaj Broking indicate that the Bank Nifty remains in an eight-week consolidation band between 56,500 and 58,700, with the 57,000 level acting as a near-term support.
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