HDFC Bank holds above ₹811 for second straight day as rally consolidates
Traded volume moderated sharply to 170.63 lakh shares worth ₹1,380.95 crore, roughly half Wednesday’s ₹2,739.73 crore
On Thursday, HDFC Bank shares rose 0.61 percent to ₹811.55 on the NSE, marking a ₹4.95 increase from Wednesday's closing price of ₹806.60. This stock consolidation at multi-week highs marked the second straight day of this pattern. Opening at ₹803.00, the share price peaked at ₹815.00 during the day and remained above ₹798.65. The market capitalization totaled ₹12,51,568.57 crore, with a P/E ratio increasing to 15.54, adjusted to 15.32.
Trading volume decreased to 170.63 lakh shares valued at ₹1,380.95 crore, about half of Wednesday's volume of ₹2,739.73 crore, while the deliverable quantity rose to 69.77 percent, the highest in recent sessions. This suggested activity was more likely driven by positional traders. Sellers continued to prevail, controlling 78.88 percent of the order book, while buyers held 21.12 percent.
HDFC Bank's share price has surged 21.26 percent since its 52-week low of ₹669.20 on October 28, but remains 18.09 percent below its year-to-date performance. The one-month return of 15.18 percent now exceeds the benchmark's 13.07 percent. The Bank Nifty opened near 60,802, nearing resistance at 61,200-61,400, with the Relative Strength Index (RSI) around 80, indicating overbought conditions.
On Wednesday, the index closed at 60,792, breaking out of a four-month range and revising support to 60,500-60,400, below the psychological 60,000 level.
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