HDFC Bank share price hits all-time high, market-cap tops ₹14 lakh crore mark

The stock surged 1.81% to ₹1,837.40 per share, its all-time high level, on the National Stock Exchange.

At 11:36 am, HDFC shares were up 1.67% to ₹1,834.75. The market capitalisation stood at ₹14,02,287.40 crore.

The scrip rose 16.9% in the last six months and 7.2% year-to-date.

HDFC Bank share price: What's driving the rally?

This development follows a block deal in which 21.7 lakh equity shares worth around ₹392 changed hands. The details of the parties involved were not immediately known.

The increase in weightage of HDFC Bank in the MSCI indexes also contributed to the stock's robust performance.

HDFC Bank had posted a 5% rise in its standalone net profit to ₹16,821 crore in the quarter ended September 2024, compared to ₹15,976 crore post-tax profit in the year ago period.

The total income jumped ₹85,500 during the quarter under review, reflecting a 9% increase from ₹78,406 crore in the same period last year.

The bank's interest income climbed 9.3% to ₹74,017 crore in the second quarter of the financial year 2024-25 from ₹67,698 crore in the corresponding period previous fiscal.

Meanwhile, benchmark indices NIFTY and SENSEX rose on Tuesday amid surges in heavyweights like Reliance, L&T, State Bank of India, and Axis Bank, in addition to HDFC Bank.

The biggest gainers from the 50-share NIFTY pack were Adani Ports, Adani Enterprises, UltraTech Cement, Cipla, and ONGC.

ITC, Trent, HDFC Life, Bharti Airtel and Tata Consumer Products were among the laggards.

In Asian markets, Tokyo, Shanghai, Seoul and Hong Kong were trading higher.

On Monday, US markets ended mostly in the positive territory.