IDFC First Bank shares surge over 8%
In intraday trades on Tuesday, IDFC First Bank shares rose 10% to a 52-week high of Rs 54.15. The stock increased when the private lender released a positive business report for the second quarter of the current fiscal year 2022–2023, which ended in September (FY23). Today, IDFC Bank eventually closed 8.11% higher at Rs 53.35.
In its quarterly business update, IDFC Bank stated that the strong momentum in deposits maintained in Q2 FY23, with customer deposits increasing by 10.8 percent quarter over quarter and 35.9 percent year over year to reach Rs 1.14 lakh crore. According to the lender, CASA (Current Account Savings Account) deposits increased by 37.0% YoY and 11.7% QoQ to Rs 63,380 crore.
Gross retail disbursements for loans and advances was Rs 12,182 crore, it was stated, with loans and advances totaling Rs 1,92,809 crore.
IDFC First Bank shares
According to S Ranganathan, Head of Research at LKP Securities, indices rose supported by good quarterly updates on bank advances and collections during the second quarter (Q2) and positive global cues.
The head of research at Geojit Financial Services, Vinod Nair, echoed similar sentiments when he said, “Mirroring a powerful overnight jump in Wall Street and bullish domestic business data given by banks, the domestic indices concluded the day on a cheerful note.”
“When Bank Nifty closed for the day, it had made a respectable gain. The index has closed above the 50 EMA (Exponential Moving Average) on the daily chart, which is a bullish scenario. The negative crossing of the RSI has shrunk. The pattern appears promising. Support is set at 38,500 on the lower end, and resistance is seen at 39,500/40,000 on the higher end “LKP Securities Senior Technical Analyst Rupak De said.
Today’s significant recovery in domestic equities coincided with gains in other bank stocks as well. Shares of HDFC Bank, Axis Bank, Kotak Mahindra Bank, SBI, and ICICI Bank all closed higher by as much as 5.46 percent.