IDFC Bank's scrip inching up with volumes

Private banks have been investors' favourites, both institutional and retail and not to forget HNI investors as well. Private banks as a sector is amongst the best sector in terms of wealth creation. 

IDFC Bank a relatively new entrant in the private banking space compared to HDFC Bank & ICICI bank , is gaining momentum both on ground in terms of business and in share price as well. The stock is inching up with increased volumes, which is always considered a bullish signal.

The IDFC stock has underperformed its peers heavily with the returns being negative 16 per cent over a 1 year period. However, if you look at the recent performance of the stock, the returns have been excellent with stock gaining almost 26 per cent in over a 6 month time frame. In one month time frame the stock has gained 16 per cent.

On an intraday basis the stock is trading up at Rs 60.10 at 9.20 am on Friday. The stock is up by 1.61 per cent. The 52 w high for the stock is at Rs 73 per share. In the early session itself 303016 shares exchanged hands for the stock on NSE and 67419 shares exchanged hands on BSE. 

Nifty Bank index is trading at 19873 levels up by 84 points or 0.38 per cent. ICICI Bank & HDFC Bank both are trading in green on an intraday basis.

The broader market is trading in the green with Sensex trading at 28505, up by 80 points.