Market Bizzz

HDFC Bank’s shares surged by Rs 3 lakh crore in six months, reclaiming its position as a top wealth creator. The bank’s post-merger balance sheet is stronger, outperforming rivals with a 19% increase in share value. Brokerages predict further growth, setting target prices as high as Rs 2,550, driven by strong FII interest and resilient asset quality.

To make growth more sustainable, authorities will look to make recovery more broad-based, lifting investment growth along with consumption.

Veteran investor Mark Mobius expresses skepticism about the US Justice Department’s involvement in probing an Indian company, Adani Group. He emphasizes the need for concrete evidence and anticipates a decrease in such international prosecutions under the Trump administration. Mobius highlights Adani’s infrastructure expertise and sees value in Indian power and telecom stocks, driven by growth and technological advancements.

As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

“The CRR reduction is very welcome as it injects immediate liquidity into the system over the next 25 days. This will help keep interest rates low, which is beneficial as we head into the busy season for credit markets. It’s good that liquidity will be available. Additionally, banks that previously earned zero percent on CRR can now buy government bonds or lend this money out, improving their NIMs.”

The markets have paused at a critical point. The Nifty has closed above the 50-DMA, currently at 24,548, and is just below the 100-DMA at 24,707. This level also aligns with the 20-week MA at 24,720 on the weekly chart. Therefore, unless the Nifty closes significantly above 24,720, the 24,700-24,750 range should be considered an immediate key resistance for the markets on a closing basis.

The healthcare solutions provider’s IPO is structured as a book-built issue, offering 1.88 crore shares entirely through an offer-for-sale mechanism. Share allotment for the IPO is anticipated to be finalized by December 17, with a tentative listing date on the BSE and NSE set for December 19.

Indian markets ended lower on Friday, breaking a five-day winning streak. Bank and IT stocks weighed on the indices. The Nifty closed marginally lower, but the overall trend remains positive. The next resistance level is at 24,850.