HDFC Bank, HDFC hit over 7-month highs; stocks rally up to 15% in one month

According to a Macquarie report, the merged entity of HDFC-HDFC Bank may command a MSCI Weight of 13 per cent, up from 5.78 per cent

Shares of a mortgage lender Housing Development Finance Corporation (HDFC), and its associate company HDFC Bank hit their respective over seven-month highs on Friday as they rallied nearly 6 per cent in the intra-day trade.

While HDFC gained 5.7 per cent to hit a high of Rs 2,649.7, HDFC Bank surged 6.1 per cent to Rs 1,619 on the BSE. These stocks wee trading at their highest levels since April 2022. In comparison, the S&P BSE Sensex was up 1.8 per cent at 61,719 points at 12:20 PM.

The rally comes amid reports of change in MSCI Index