Shares of HDFC Bank hit a new all-time high on Wednesday for the second consecutive session, helping the bank cross the market valuation/capitalization (MCap) of Rs 8 lakh crore, the first Indian bank and the third company listed on Indian stock exchanges to do so. The stock rose to above 1% to a high of Rs 1,464.40 per share on Wednesday. It has surged nearly 14% this year.

The other two companies to exceed the level have been Tata Consultancy Services (TCS) and Reliance Industries Limited (RIL), which currently hold the market capitalization of Rs 13.33 lakh crore and Rs 10.22 lakh crore, respectively.

While the current general optimism in the stock markets supported the surge in HDFC Bank's share price, brokerage call also supported gains. On Tuesday, CLSA-Research raised its price target on the stock from Rs 1,525 to Rs 1,700 per share while retaining the call BUY rating. It said that the macro-environment has improved after lockdown, adding that the better use of data analytics is leading to lower retail stress against Profit After Tax cycles.

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