HDFC Bank extends rally for second day, hits ₹741 intraday high

HDFC Bank shares continued their two-day rally on Wednesday, reaching an intraday high of ₹741.30 before settling at ₹731.45 on the NSE. The stock opened at ₹722.80 and fell to a low of ₹719.25 during the session. The two-day increase has propelled the stock by nearly 3.72 per cent, raising its market capitalization to ₹11,28,803.74 crore.

Trading volume surged to 298.80 lakh shares, worth ₹2,196.20 crore, which is approximately double the mid-session turnover of ₹1,051.91 crore on Tuesday. However, selling pressure remained strong, accounting for 81.17 per cent of the total order quantity, while buyer interest stood at just 18.83 per cent. The P/E ratio increased to 13.98, with the adjusted value at 13.78.

Despite the positive trend, Bank Nifty opened slightly below its previous close near 55,485 but maintained a positive outlook. Resistance levels are identified at 55,800–56,000, with support at 55,200–55,000. The stock has declined 26.21 per cent year-to-date, while the Nifty 50 has dropped 9.01 per cent over the same period, resulting in a one-week return of 6.72 per cent for HDFC Bank.