HDFC Bank Powers Sensex to Historic Highs

HDFC Bank's shares surged over 2%, adding significant value to its market capitalization and boosting the BSE Sensex to record levels. Key factors include a potential increase in MSCI index weightage, which could bring substantial international inflows. Other major banks also experienced gains.

HDFC Bank shares saw heavy demand on Wednesday, surging over 2% and adding Rs 28,758.71 crore to its market valuation.

The stock climbed 2.18% to settle at Rs 1,768.35 apiece on the BSE. During the day, it hit a 52-week high at Rs 1,791.90.

The rally was fueled by a potential rise in the bank's weightage in the MSCI emerging markets index, as highlighted by Senior VP (Research) Prashanth Tapse at Mehta Equities Ltd. This could bring inflows of $3.2 to $4 billion.

HDFC Bank significantly contributed to the BSE Sensex’s historic surge to the 80,000 mark, adding 249.03 points to the index’s rally.