HDFC Bank Gains 0.45% to Rs. 991.75, Should Investors Buy Before it Crosses Rs. 1,000 Mark?

Overview

• HDFC bank share price traded at Rs. 991.75, up 0.45% at press time, maintaining stability despite moderate market volumes. 

• The bank continues to show solid value metrics and investor trust with a PE of 21.07 and a dividend yield of 2.22%.

• HDFC partnered with Canara Bank and an FMCG company, HMA Agro, offering a new Rs. 71 crore export credit facility.

HDFC Bank share price rose slightly to Rs. 991.75 on November 3 against a previous close of Rs. 987.30, clocking a gain of 0.45%. The stock opened at Rs. 985 and touched an intraday high of Rs. 994.55 before slipping slightly to a low of Rs. 983.30. With a market capitalization of Rs. 15.24 lakh crore, the country's largest private lender continues to maintain investor confidence despite volatility in the sector.

Current Performance 

HDFC Bank shares had a total traded volume of 8.05 million with a value of Rs. 79,876.79 lakh. The volume-weighted average price (VWAP) stood at Rs. 989.72, which implies a balanced price range through the session. Compared to the 20-day average volume of 21.3 million, the trading activity of HDFC share price was relatively moderate. Although the average delivery of the stock was 60.86%, it revealed good investor interest on a long-term basis rather than speculative trading.

HDFC Bank share price chart on Moneycontrol shows gains of 0.26% as of 1.50 PM:

The stock is still well-supported technically, with its pivot levels indicating potential resistance at Rs. 1,000.78 (R1) and support levels at Rs. 977.48 (S1). Its beta of 0.90 reflects lower volatility compared to the broader market. It reinforces the stock’s reputation as a relatively stable large-cap banking stock.

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Financial Metrics and Valuation

HDFC Bank share price is attractively positioned. Its TTM earnings per share stood at Rs. 47.06, up 4.49% year-on-year, while its price-to-earnings multiple of 21.07 is a tad above the sector average of 20.34. The price-to-book of 2.95 is also on the lower side, showing reasonable valuation, considering the bank's consistent profitability and asset quality.

The book value per share of Rs. 336.87 highlights a strong capital base, while the dividend yield of 2.22% ensures that shareholders would get returns in the form of dividends. These numbers reveal HDFC Bank's efficient capital management and a steady income distribution track record.

Analyst Sentiment Remains Positive

Based on the coverage of 39 analysts on Moneycontrol, 74% recommend ‘Buy’, 21% rate it ‘Outperform’, while only 5% suggest ‘Hold’. Such expert consensus reflects broad market confidence in the bank's business model and its ability to achieve continued growth despite an extremely challenging environment.

The analysts say HDFC stock is set for recovery due to increasing growth in credit and stability of margins in the forthcoming quarters, despite current short-term underperformance. This is a good recovery from the loss of 1.87% over the last three months for the Indian banking giant.

Strategic Partnership 

HDFC Bank recently signed a Rs. 71 crore export credit facility deal with Canara Bank and FMCG player HMA Agro Industries. The partnership is expected to facilitate the export operations of the fast-moving consumer goods player through a mix of export credit and working capital financing. This move reflects the proactive approach of HDFC Bank toward corporate lending, along with its role in enabling India's export-led growth.

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Market Outlook

HDFC Bank share price is showing strength amidst general market volatility, trading at a price close to its 52-week high of Rs. 1,020.50. On the back of strong fundamentals, good institutional support, and diversified lending, this stock remains one of the best picks in Indian banking. While short-term gains may be limited amid global uncertainties, long-term investors may find these levels attractive for gradual accumulation, given HDFC Bank's robust earnings trajectory and steady dividend history.

FAQs

1. Why has HDFC Bank share price increased today?

HDFC Bank’s stock increased by 0.45% due to strong investor sentiment, strong earnings numbers, and optimism from a newly announced partnership to facilitate export financing, all of which impact management’s ability to execute decisions that will ultimately lead to growth.

2. What is HDFC Bank’s current market cap? 

The bank’s market cap is approximately Rs. 15.24 lakh crore, making it the largest private sector bank in India and one of the largest contributors to the financial sector market cap.

3. What has HDFC Bank done over the past three months?

Over the three months, HDFC Bank’s share price has decreased by approximately 1.87%, primarily due to market volatility and global uncertainty; however, the long-term fundamentals remain intact.

4. What are the analysts' recommendations on HDFC Bank stock?

Of the 39 analysts who cover HDFC Bank, 74% suggest a ‘Buy’ recommendation, 21% say ‘Outperform’, and five percent say ‘Hold,’ implying that investors feel very optimistic about the bank and its outlook.

5. Is HDFC Bank a good long-term investment?

Yes. HDFC Bank has a stable earnings profile, a beta of 0.90, a reliable dividend yield of 2.22% and a number of newly announced partnerships, which make it one of the safest long-term investments in the Indian banking sector.