HDFC Bank is the strongest bank in India, and its chart reflects the strength compared to all other banks, which are still trying to stabilize after the impact of coronavirus.
HDFC Bank current price 1130.
Target 1300. Stop loss 900. Buy on corrections.
Indian equity/stock market ended with steep losses on Friday as Coronavirus cases showed no signs of abating while negative global cues further impacted sentiments.
S&P BSE Sensex slipped 674.36 points at 27,590.95.
Nifty 50 index shed 170 points at 8,083.80.
On the BSE, 1140 shares rose and 1099 shares fell.
In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
IHS Markit announced Purchasing Managers’ Index (PMI) numbers for India yesterday. The headline seasonally adjusted IHS Markit India Manufacturing PMI fell from 54.5 in February 2020 to 51.8 in March 2020. Weighing on the headline figure was slowdown in production growth during March.
Banking stocks faced serious selling pressure. Among the private sector banks, RBL Bank (down 15.65%), Axis Bank (down 9.35%), IndusInd Bank (down 8.69%), Bandhan Bank (down 7.26%), City Union Bank (down 4.13%), Kotak Mahindra Bank (down 3.56%), Federal Bank (down 3.03%) and HDFC Bank (down 1.87%) declined. Continue reading India Market Report – 03Apr2020
We are seeing lots of news about the Indian banking industry in the domestic as well as in overseas markets. The Indian Budget 2010-11 has mentioned new banking licenses, which means we will see new players and hence more competition, and better savings and lending rates, which is better for the consumers and borrowers.