HDFC Bank share price jumps 11% in 6 days, becomes India’s 3rd company to hit ₹15 lakh crore m-cap. What’s next?

HDFC Bank has become India's third company ever to hit a market capitalisation (m-cap) of over ₹15 lakh crore, as its share price has been on a record-breaking spree over the last few days.

On Tuesday, April 22, the banking stock climbed over 2 per cent to hit its fresh record high of ₹1,970.65. HDFC Bank share price finally closed at ₹1,961.90, with a gain of 1.78 per cent. Thus, the stock ended in the green for the sixth consecutive session, cumulatively gaining 11 per cent. The market capitalisation of the stock stood at ₹15.01 lakh crore.

According to m-cap, HDFC Bank is now India's second-largest company after Reliance Industries, which has an m-cap of ₹17.5 lakh crore. TCS stands at third with an m-cap of ₹12 lakh crore. TCS' m-cap had surpassed the ₹15 lakh crore mark earlier. 

On a monthly scale, HDFC Bank’s share price has been in the green since February, when it gained nearly 2 per cent. This was followed by gains of 6 per cent in March and 7 per cent in April until the 22nd. Year-to-date, the stock is up 11 per cent.

What is driving HDFC Bank's share price?

Having underperformed for a long time, HDFC Bank share price has been on an uptrend this year on healthy growth outlook. The bank's better-than-expected March quarter (Q4FY25) results have also boosted investors interest in the stock.

"Investors seem to have liked HDFC Bank’s Q4 performance, which exceeded expectations. Most investors were not anticipating strong numbers from banks in general. However, HDFC Bank’s results have boosted market confidence. The bank had been an underperformer for a long time, but things appear to be improving now," said Avinash Gorakshakar, the head of research at Profitmart Securities.

Gorakshakar pointed out that in addition to the core banking business, one of its subsidiaries—HDB Financial Services—is planning to go public, which could unlock additional value for the bank.

HDFC Bank reported a net profit of ₹17,616 crore in the fourth quarter of FY25, registering a growth of 6.7 per cent year-on-year (YoY), while its net interest income (NII) increased 10.3 per cent YoY to ₹32,070 crore. The bank’s net interest margin (NIM) stood at 3.54 per cent on total assets and 3.73 per cent based on interest-earning assets.

HDFC Bank stock target price

Gorakshakar said if the stock crosses the ₹2,000 mark, it may rally further to ₹2,200–2,300, as many institutional investors consider HDFC Bank a favourite.

That said, Gorakshakar added that the stock has risen quite rapidly, so some consolidation is possible. Still, the near-term target remains in the ₹2,200–2,300 range, he said.

After the Q4 results, several brokerage firms retained their buy recommendations on the stock.

Motilal Oswal has a target price of ₹2,200 on the stock, while JM Financial raised the target price of ₹2,130 from ₹1,950 earlier.

HDFC Bank: What do technical experts say?

According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, the stock shows strength as it trades above the key resistance of ₹1,925, which aligns with the R3 Camarilla yearly level—a breakout pivot.

Patel said this breakout indicates bullish momentum. A buying opportunity is seen in the ₹1,950–1,970 range, with a potential upside target of ₹2,065.

To manage risk, Patel recommends a stop loss below ₹1,910 on a daily closing basis. The setup favours trend continuation as long as the price sustains above the breakout zone, he said.

Mandar Bhojane, an equity research analyst at Choice Broking, said given the current technical indicators and price structure, traders and investors can look to accumulate HDFC Bank on dips in the ₹1,900– ₹1,880 range, which offers a favourable risk-reward setup.

To manage risk effectively, a stop loss below ₹1,840 is recommended. Bhojane said that, considering both technical and broader market factors, HDFC Bank appears to be a strong candidate for medium-term positional gains.

Bhojane added that if HDFC Bank sustains above the ₹1,960 level, it may rally towards ₹2,050 and ₹2,135.

"Immediate resistance is seen around ₹2,000, where partial profit booking is advisable. Traders can consider holding the remaining quantity with a trailing stop-loss of ₹1,880.

The stock is technically well-supported around ₹1,900 and ₹1,880 levels," said Bhojane.

"The Relative Strength Index (RSI) is currently at 74.97, reflecting strong momentum. A positive crossover in the Stochastic RSI also points to renewed buying interest. The stock is trading above its 20, 50, 100, and 200-day exponential moving averages, confirming the strength and consistency of the current uptrend," Bhojane said.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.