HDFC Bank shares rise 3.2 per cent on Tuesday
The stock gained value following the bank's September-quarter results and positive commentary from brokerages.
HDFC Bank shares rose by 3.2 per cent on Tuesday, November 3, to become a top performer on the Nifty 50. According to Mint, the stock opened at ₹708 and reached an intraday high of ₹722 as investors reacted to the lender's September-quarter performance and brokerage notes.
The bank reported a 4.7 per cent year-on-year increase in profit after tax to ₹19,510 crore for Q2FY27, which included treasury trading gains. Excluding those gains, net profit rose 12.6 per cent compared to the same quarter last year. Net interest income grew 9.7 per cent to ₹34,620 crore.
Asset quality showed improvement, with the gross non-performing asset ratio falling to 1.11 per cent as of September 30, 2026, from 1.17 per cent in the previous quarter. The net NPA ratio was 0.37%.
Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Share and Stock Brokers Limited, noted that the stock is showing signs of base formation in the ₹680–700 zone. He suggested traders adopt a buy-on-dips strategy, noting the stock could move towards the ₹740–750 resistance zone.
Brokerages remained positive despite concerns regarding margin pressure. Bernstein maintained an Outperform rating with a target price of ₹1,150, noting healthy balance-sheet growth. JPMorgan maintained an Overweight rating with a target price of ₹970, describing the Q2FY27 performance as steady.