HDFC Bank share price climbed 1% in morning trade on the NSE on Friday, 21 August, looking set to extend gains for the second consecutive session after India’s largest bank by market capitalisation said it raised $1.75 billion via dual-tranche senior unsecured bonds through GIFT City branch.
HDFC Bank shares opened at ₹728.30 against their previous close of ₹725.05 and rose 1% to an intraday high of ₹732.60.
HDFC Bank issues $1.750 billion unsecured bonds
In an exchange filing on 20 August, HDFC Bank said it had successfully completed the issuance of $1.75 billion in senior unsecured bonds through its GIFT-City Branch. The offshore bond transaction marks a major international fund-raising drive for India’s largest private-sector lender.
India’s largest private sector bank, through its GIFT City branch, raised $500 million through three-year senior unsecured notes and $1.25 billion through five-year notes, according to a late Thursday exchange filing.
The three-year bonds carry a coupon of 5.159%, while the five-year notes carry a coupon of 5.401%. Both issuances are scheduled to settle on 26 August.
HDFC Bank share price trend
HDFC Bank shares are down 26% year-to-date, compared with a 7% fall in the benchmark Nifty 50.
The stock hit a 52-week low of ₹715.10 on 19 August this year and a 52-week high of ₹1,020.50 on 23 October last year.
On a monthly basis, the stock is down 2.5% so far in August, following a 6% decline in July.
HDFC Bank shares technical view
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, HDFC Bank is showing a weak technical structure, with the stock trading below both the 20-day EMA at ₹737.90 and the 50-day EMA at ₹757.75, indicating continued selling pressure.
Patel pointed out that MACD remains negative, although the histogram has turned marginally positive, suggesting early stabilisation. RSI at 41.40 reflects weak momentum and remains below the neutral 50 mark. DMI also favours bears, with -DI above +DI and ADX near 38, confirming a strong trend.
“The immediate resistance zone lies around ₹757–810, while ₹720–705 acts as crucial support. A sustained move above ₹758 could improve momentum and open the possibility of a recovery towards ₹790–810,” said Patel.
According to Vipin Kumar, AVP-Research at Globe Capital Market, HDFC Bank shares have been consolidating within the ₹714 – ₹840 range for nearly five months, remaining below their key long-term as well as short-term moving averages.
“At the current juncture, the stock is hovering around the lower band of the mentioned congestion range, and the possibility of a bounce towards the ₹755 spot level cannot be ruled out. The overall chart structure remains negative, and a decisive close below ₹710 could drag the stock towards the ₹660– ₹655 spot levels in the near term,” said Kumar.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
