HDFC Bank carves a niche, gets 3rd slot

  • HDFC Bank carves a niche, gets 3rd slot

HDFC Bank carves a niche, gets 3rd slot

The SGX Nifty indicates that the Nifty could open at 10,823 up by 12 points at the opening bell. Underlying sentiment remained supported after the GST Council chose to cut tax rates on 29 products and 53 services, in what is seen as the biggest overhaul since the launch of GST. The GST Council has also proposed to make the system of filing returns simpler to make the filing process more seamless.

The market capitalisation of HDFC Bank topped INR 5 lakh crore today for the first time after Reliance Industries and Tata Consultancy Services. The 30-share index rose 130.58 points, or 0.37 percent, to 35,390.87.

The Indian benchmark indices on Thursday morning were trading on a positive note hitting record highs with the Sensex gaining 377 points and was trading at 35462 while the Nifty was up 93 points and was trading at 10881.

On Thursday, the Indian rupee was trading marginally higher against the USA dollar propelled by gains in the equity market.

However, as the day progressed, markets cooled off, hurt by profit-booking in metals, oil and pharma counters. Nifty Pharma, PSU bank, media and auto indices also closed the day in the red.

The Dow Jones industrial average fell on Thursday as investors assessed the possibility of the government shutting down at the end of the week.

HDFC Bank has gained 4 per cent in the past four trading sessions, after the board of its parent company Housing Development Finance Corporation (HDFC) approved a proposal to raise Rs13,000 crore through a combination of a preferential allotment and qualified institutions placement (QIP). Additionally, the corporate earnings were mixed.