Slowdowns spare none. That’s the takeaway for investors in HDFC Bank from its June quarter (Q1) results, published over the weekend, even as the numbers largely met expectations. This factor also weighed on the bank’s stock, which fell more than 3 per cent on Monday — the sharpest in reaction to the results. But the larger question for investors is: How worried should they be? HDFC Bank’s position as market leader in private banking has so far shielded it from noticeable deceleration in loan growth or financial performance.
Sensex, Nifty rebound on gains in ICICI, HDFC Bank
Benchmark equity indices closed on a firm note after witnessing heavy selling in the previous session, following firm cues from global peers and gains in bank stocks.
Growth in China's service sector accelerated despite broader economic headwinds which sent Asian markets higher. Moreover, reports that Hong Kong will announce the withdrawal of an extradition bill also caused relief.