te Market Update: HDFC-HDFC Bank merger news drives movement as benchmarks go up over 1.5% intraday | Zee Business

Market Update: HDFC-HDFC Bank merger news drives movement as benchmarks go up over 1.5% intraday

The stocks markets were on fire on Monday driven by the news of a mega-merger between the largest Indian housing finance company HDFC Limited and the largest private lender HDFC Bank. 

Market Update: HDFC-HDFC Bank merger news drives movement as benchmarks go up over 1.5% intraday
The merger announcement impact was also seen on HDFC Life as the stock grew almost 4 per cent intraday: PTI

The stocks markets were on fire on Monday driven by the news of a mega-merger between the largest Indian housing finance company HDFC Limited and the largest private lender HDFC Bank. The benchmark indices Sensex and Nifty50 were trading on a higher note, and each surged over 1.5 per cent intraday around 1 pm on Monday. 

Buoyed by the announcement, the banking and financial stocks led the surge in the Indian markets today. 

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The BSE Sensex was up over 925 points or 1.56 per cent to 60201 around this time, while Nifty50 was up over 254 points or 1.45 per cent to 17927 levels. Even the broader markets were trading positively with both the mid and small-cap indices up over 1 per cent each intraday on the NSE. 

The 12-share banking index – Nifty Bank was up nearly 3 per cent to 38233 levels, lifted by a heavyweight such as HDFC Bank intraday. 

Of 50 scrips on Nifty, 44 advanced, and 6 declined at around 12:45 PM. HDFC twins – HDFC Bank and HDFC Limited were top gainers with each surging over 8 and 7 per cent, respectively. 

The merger announcement impact was also seen on HDFC Life as the stock grew almost 4 per cent intraday. 

Other heavyweights such as Tata Steel, Sun Pharma, Kotak Bank Apollo Hospital, Hindalco, Divis Lab, and Adani Ports among others are trading 1-2 per cent higher intraday. 

On the contrary, Grasim and Reliance Industries were the top losers intraday, each declining around a quarter per cent, followed by JSW Steel, Axis Bank, Bajaj Finserv, and Cipla down marginally.  

Sectorally, almost all sectors were trading in the green except for IT and Realty on the NSE. Nifty Financial Service witnessed the biggest gain by over 3 per cent, followed by Nifty Bank up over 2.5 per cent intraday. While Metal, Pharma, and Auto indices were up between 1-2 per cent today.

Written By: Vaibhav Gautam Bansode
Edited By: Shivendra Kumar
Updated: Mon, Apr 04, 2022
01:55 pm
Mumbai, ZeeBiz WebDesk
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