04 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: The key benchmark indices opened on an upbeat note driven by gains in HDFC and HDFC Bank as the two announced a merger deal. Nifty surged above 17800 despite mixed global cues. The BSE Sensex rose 613 points to 59,890, while the NSE Nifty 50 was at 17,830, higher by 161 points. Among the Sensex-30 shares, HDFC and HDFC Bank rose 8 per cent and 7 per cent, respectively, leading gains. They were followed by Bajaj Finance, Titan, Tech M, Asian Paints and HCL Tech. In the broader markets, the BSE MidCap and SmallCap indices were in the positive territory, up to 1 per cent higher.
Shares of HDFC Bank were up 7.50 per cent at Rs 1619.20, commanding a market value of Rs 8,97,933.99 crore. HDFC, on the other hand, jumped 9.27 per cent to Rs 2678.20 and was valued at Rs 4,85,564.27 crore The HDFC twins commanded a m-cap of Rs 13,83,498.26 crore beating that of TCS' 13,75,071.51 crore market value.
Nifty Bank and Nifty Financial indices were the front runners led by HDFC twins, and were up to 2.8 per cent higher. Nifty Pharma, Consumer Durables and Oil & Gas were the other notable gainers. While, Nifty Auto was the sole loser.
Nifty Bank index rose 2 per cent supported by the HDFC Bank, Bandhan Bank, IDFC First Bank.
“Despite strong fundamentals & consistent financial performances since the pandemic, HDFC group stocks haven't gone up much making them all the more attractive. This merger should bring about positive synergies, further consolidate leadership position in different segments including housing loans & credit cards, a strong re-rating & focus on internet banking augurs well for HDFC stock to begin its uptrend sooner than later. Technically, a close today above 1600 could lead to 1720 in the coming days. Investors are better off buying at levels closer to 1480-1500 for better returns.”
0 Comment