HDFC Merger Impact: Mkt Rises, Investors Gain Wealth; FM Praises Indian Investors

  • Investing.com
  • Stock Market News
HDFC Merger Impact: Mkt Rises, Investors Gain Wealth; FM Praises Indian Investors

By Malvika Gurung

Investing.com -- The proposed merger of financial heavyweights HDFC (NS: HDFC ) Ltd and HDFC Bank (NS: HDBK ) on Monday, sent their shares flying over 15% in the session.

As a result of the sharp uptick in the HDFC twins’ share prices, headline equity indices Nifty 50 and BSE Sensex climbed over 2% and were trading 2.18% and 2.3% higher, respectively, at 2:45 pm.

Investors on Dalal Street gained over Rs 3 lakh crore in the first hour of trading on Monday, as equities rallied on the proposed HDFC-HDFC Bank merger, stated a PTI report.

Moreover, the domestic market also gained from the positive Asian cues, as Hong Kong’s Hang Seng index surged 2.1%, and the US markets ended higher on Friday.

Dr Vijayakumar from Geojit Financial Services has stated that the market will closely watch the Q4 results and guidance of IT companies expected starting next week, while FMCG, cement and auto stocks could experience pressure from higher input costs.

Responding to a question in Lok Sabha on Monday, Finance Minister Nirmala Sitharaman appreciated India’s retail investors for developing a competent shock-absorbing capacity and investing money into the domestic stock market, despite high volatility due to geopolitical tensions, stated IANS.

At the time of writing, all the banking sectoral indices on the Nifty basket were surging, with Nifty Financial Services jumping 4.75% and Nifty Bank trading 4.1% higher.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles