Analysts are of the view that long-term investors could continue to hold the stock, irrespective of the MSCI development. This is because the lender is one of the largest banks in India. In the near term, however, investors should expect a sideways movement in the stock.
"The stock's initial negative reaction post the MSCI news is largely a traders' reaction. It will recover as the announcement is positive, notwithstanding the weight percentage.
The stock, however, may trade sideways in the near term as HDFC Bank has raised fixed deposit rates. This may affect its margins over the next few quarters," said Anwin Aby George, research analyst tracking the banking sector at Geojit Financial Services.
The benchmark index ended the day 693 points (0.87 per cent) lower at 78,956 levels.
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