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market | IST

Momentumisers: HDFC Bank outperforms Nifty50, here's why

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HDFC Bank has outperformed the Nifty50 in the last one week as well as last one month. The stock has also outperformed the Bank Nifty as well.

HDFC Bank has outperformed the Nifty50 in the last one week as well as last one month. The stock has also outperformed the Bank Nifty as well.
Looking at the weekly gains, it's about 2.86 percent for HDFC Bank, while Bank Nifty has declined by 0.7 percent and Nifty50 has declined almost by 1 percent.
On a monthly chase basis, HDFC Bank has gained about 2.91 percent compared to around 1.64 percent gain that is seen on the Nifty50. So daily trading volume of yesterday, October 6, was the highest seen in the last eight trading sessions. In the last two weeks, the daily trading volume has moved from Rs 1,067 crore to more than Rs 1,500 crore.
Looking at the technical levels in terms of the stock price, it is just 1.5 percent below its 52-week high. So, it saw strong gains with volumes and it has taken out the recent high of Rs 1,635. The 52-week high for the stock is about Rs 1,641 per share. So if the market remains bullish, you could see the stock gaining back to its 52-week high.
Watch the accompanying video of CNBC-TV18’s Abhishek Kothari for more details.