HDFC Bank shares rose for a third straight session on Thursday, 5 November 2026. The stock was up 2.08% at ₹752.00 on the National Stock Exchange (NSE) at 12.05 pm IST, according to The Hindu BusinessLine.
The stock has now climbed 12.36% from its 52-week low of ₹669.20, touched on 28 October. The bounce follows a rough fortnight of back-to-back leadership changes. Investors now want to know if it can last.
What happened on Thursday
The stock opened at ₹760.00 and touched a high of ₹762.70. It did not fall below ₹749.10. On Wednesday it had closed at ₹736.70, so the gain was ₹15.30 per share.
Trading was busy. About 323.52 lakh shares changed hands, worth ₹2,441.80 crore. Deliverable quantity, the part buyers took into their demat accounts, was 66.44%. The bank's market capitalisation, the total value of all its shares, rose to ₹11,59,977.21 crore.
There was one warning sign. Sellers made up 85.79% of the total order quantity, against just 14.21% for buyers. BusinessLine said this was the highest seller share in this week's sessions, pointing to steady selling at higher levels.
How far the stock has come
| Period | Livemint | BusinessLine |
|---|---|---|
| One week | +10.21% | +10.11% |
| Two weeks | +8.89% | Not given |
| One month | +7.09% | Not given |
| Year to date | -23.80% | -24.09% |
| One year | -23.36% | Not given |
The table shows strong recent gains, but the stock is still down sharply over the year.
The two reports give slightly different one-week and year-to-date numbers. We could not confirm which is right. Readers can check the price history on the NSE or BSE website.
BusinessLine said the Nifty 50 rose 6.37% over the same week. On its numbers, HDFC Bank did 3.74 percentage points better (our calculation). Gaurav Arora, Head of Research at SAHI, told Livemint the stock is still about 25% below its November 2025 peak of nearly ₹1,020.
Why the leadership change matters
Sunny Agrawal, Head of Fundamental Research at SBI Securities, told Livemint that the doubt over top management has now been addressed. He said the plan of the new Managing Director and CEO will be a key thing to track.
He added that the bank must appoint a new Deputy Managing Director (DMD) and Head of Credit after Mr Bharucha's resignation. The new team will also have to handle senior-level exits, build a strong team and get the benefits of the HDFC merger.
This matters because a bank earns by lending safely, and the Head of Credit shapes who gets loans. For another recent senior exit, see our report on HDFC Bank's 3 November share move.
What the Q2 FY27 numbers show
Arora said the July-September quarter (Q2 FY27) headline numbers do not show the full picture. Reported profit growth was below 5%. He said this was mainly due to lower treasury gains, which are profits from trading bonds and other investments. Leaving these out, he put profit growth closer to 12–13%.
Asset quality kept improving, he said. Gross non-performing assets (GNPA) were around 1.10%. In simple terms, out of every ₹100 lent, about ₹1.10 was in loans where repayment had stopped.
Margins remain the main worry. Deposits are growing faster than loans as the bank brings down its credit-deposit ratio after the merger, Arora said. But it has leaned on costlier term deposits, and its CASA ratio has fallen to around 31–32%. When cheap deposits shrink, the net interest margin, the gap between loan income and deposit cost, comes under pressure.
Agrawal was more hopeful on growth. He expects loan growth to stay healthy in the coming quarter, helped by a retail recovery that could support margins. He also said the gradual winding down of the former HDFC's borrowings should lower the bank's cost of borrowings.
On value, Arora said the stock trades at less than 2 times its consolidated book value, so much of the worry may already be priced in. But a real re-rating would likely need margins to steady, he said. BusinessLine put the price-to-earnings (P/E) ratio at 14.19, or 13.99 on an adjusted basis. Compare with our Kotak Mahindra Bank Q2 preview, or see more on our results page.
What chart analysts said
Three technical analysts shared price levels with Livemint. These are their views, not facts or promises.
| Analyst | Support levels | Upside levels |
|---|---|---|
| Shitij Gandhi, SMC Global Securities | ₹740–741, then ₹710–715 | ₹755–760; above that, ₹790, ₹810, ₹825 |
| Sachin Gupta, Choice Broking | ₹717–720 | ₹782–800 |
| Gaurav Arora, SAHI | Base of ₹680–740 since August | ₹780–800 |
Support is a price where buying has tended to come in. Resistance is where selling has tended to come in.
Gandhi called the outlook cautiously bullish and said a lasting move above ₹760 could add strength. Gupta said the daily Relative Strength Index (RSI), a 0-to-100 gauge of price strength, is around 66. Arora said only a sustained move above ₹800 would signal the long fall may be over.
Help from the banking index
BusinessLine said the Bank Nifty traded at 55,913, above its 20-, 50-, 100- and 200-day exponential moving averages (EMAs). These are averages of past prices that give more weight to recent days. It put resistance at 56,950–57,330 and support at 55,870–55,700. Follow index moves on our markets page.
Risks to keep in mind
- Sellers far outnumbered buyers in Thursday's order book.
- Costlier deposits and a lower CASA ratio could keep margins under pressure.
- Key posts like DMD and Head of Credit still need to be filled, SBI Securities said.
- The stock is still down about 24% this year, even after the bounce.
- Chart levels are only views and can fail quickly.
What to watch next
- The new CEO's first comments and priorities.
- Who is named as DMD and Head of Credit.
- Margins, CASA ratio and loan growth in the next results.
- Whether the stock holds the support zones analysts named.
Words explained
- Market capitalisation: The share price multiplied by the total number of shares.
- Deliverable quantity: Traded shares that buyers keep in their demat accounts instead of selling the same day.
- Treasury gains: Profit a bank makes by trading bonds and other investments.
- GNPA: Loans where repayment has stopped for a set period, shown as a share of all loans.
- Net interest margin: What a bank earns on loans minus what it pays on deposits, as a share of its lending.
- Credit-deposit ratio: Loans as a share of deposits. Lending ₹90 for every ₹100 of deposits means 90%.
- CASA ratio: The share of deposits in current and savings accounts, which pay low interest.
- Book value: What a company's assets are worth on paper after paying all its debts.
- P/E ratio: Share price divided by yearly profit per share.
- RSI: A chart gauge from 0 to 100 showing how strongly a price has moved.
- EMA: An average of past prices that gives more weight to recent days.
Sources: The Hindu BusinessLine, Livemint.
This article is for information and education only. It is not investment advice. MarketUpDown is not registered with SEBI as an investment adviser or research analyst. Read our disclaimer.