HDFC Bank Shares Lead Nifty 50 Recovery with 3% Gain

HDFC Bank Shares Lead Nifty 50 Recovery with 3% Gain​

HDFC Bank Drives Index Rebound​

HDFC Bank Ltd. shares were a standout performer on Monday, rising as much as 3% to lead the pack among the top gainers in the Nifty 50. The shares of India’s private lender were not only among the top index gainers but also the biggest contributors to the recovery of the Nifty 50.

Recent Performance and Analyst Sentiment​

Last week, the stock hit a new 52-week low of ₹812. The recent rebound marks the fourth day of gains for the stock in the last 15 trading sessions, with its Relative Strength Index having fallen to "oversold" territory, reaching lows of 22. Currently, the RSI is at 33.

Despite the recent volatility, the analyst community maintains a near-consensus "buy" rating for the stock. Out of 47 analysts covering the stock, 45 maintain a "Buy" rating, with no "Sell" calls currently among analysts.

The consensus estimates project a significant upside potential of 37% from the current levels.

ICICI Bank Also Shows Recovery​

Along with HDFC Bank, shares of ICICI Bank also recovered significantly from the day's lows, hitting a 52-week low in intraday trading on Monday. Here too, analysts maintain a near-consensus "buy" rating for the lender. The consensus estimates project an upside potential of over 40% from the current levels.

HDFC Bank shares had also gained over 2% on February 16.

HDFC Bank shares are trading 2.7% higher at ₹839, while those of ICICI Bank are up 1.4% at ₹1,272.