HDFC Bank Share Price Target By Brokerages, Stock Hit All-time High In Early Trade

Shares of HDFC Bank in the early morning trading session on Wednesday marked an all-time high as global brokerages remained bullish after the significant FII inflows on the back of likely increase in the weightage in the MSCI index slated to happen in August.
After hitting a fresh all-time high of Rs 1,791.9, shares of the bank traded with gains of 3 per cent at Rs 1,781.85 per share. 
In the 2nd July’s trade, shares of the lender ended higher by 1.51 per cent at Rs 1,730.55 apiece on the BSE, while the BSE Sensex ended lower by 0.04 per cent at 79,441.  
The stock last year on July 3 scaled its all-time high levels of Rs 1,757.8 and since then has largely remained rangebound, while in the past month it has climbed nearly 10 per cent. 
HDFC Share Price Target By Brokerages 
Global brokerage Jefferies maintained its buy rating with a target of Rs 1,880, signifying probable gains of nearly 9 per cent from the previous close. 
The brokerage mentioned that as MSCI’s threshold will increase the foreign inclusion factor (FIF) from 50 per cent  to 100 per cent, the lender will likely become eligible for jump in index weight at the next review due in August. 
Brokerage UBS saw HDFC Bank’s stock price to scale to Rs 1900, a potential upside of nearly 10 per cent. The brokerage believes that the foreign headroom is higher than the index cut off placed at 25 per cent, which makes the stock eligible for weight increase in MSCI Index. 
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)