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D-Street Buzz: Banks gain led by HDFC Bank, CLSA maintains buy; IndusInd Bank, SBI rise 2% each –

The Indian stock market has risen for a fourth straight session on July 6 with Sensex is up 404.63 points or 1.12 percent at 36426.05, and the Nifty jumped 136.20 points or 1.28 percent at 10743.60.

Among the sectors, Bank Nifty added almost 2 percent intraday led by gains from HDFC Bank which jumped over 3 percent after the private banking major said on July 4 that its advances had grown 21 percent year-on-year (YoY) in the April-June quarter to Rs 10,04,500 crore, compared to Rs 8,29,700 crore in the year-ago period. In Q4 FY2o advances stood at Rs 9,93,700 crore.

In an exchange filing, the bank said that its deposits increased 25 percent to Rs 11,89,500 crore in Q1 FY21 versus Rs 9,54,600 crore in Q1 FY20. In the January-March quarter, deposits stood at Rs 11,47,500 crore.

It was also one of the most active shares on NSE in terms of value with 78,12,670 shares being traded at 10:36 hours.

The other gainers included IndusInd Bank, RBL Bank, State Bank of India, Federal Bank and Axis Bank. HDFC Bank and IndusInd Bank were also two of the top index gainers on BSE.

Global research firm CLSA has maintained a buy call on HDFC Bank with target at Rs 1,250 per share. It is of the view that positive loan growth in Q1 comes as a surprise and feels that low risk-weight consumption indicates lending to best Private/PSU credit, according to a report by CNBC-TV18.

Morgan Stanley has an overweight call on HDFC Bank with target at Rs 1,285 per share adding that strong growth implies further acceleration in corporate banking.

Jefferies has a buy call on IndusInd Bank with target raised to Rs 620 from Rs 520 per share. It is of the view that better scale-up of CASA and cost-controls could drive earnings upsideadding that valuations look attractive at current levels.

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