IndusInd Bank corrects on sale at profit


IndusInd Bank slipped 3.04% to Rs 1,071.55 on profit booking after rising in the last seven trading sessions.

Shares of the private lender jumped 6.63% over the past seven sessions to close at Rs 1,105.10 yesterday, from its recent closing low of Rs 1,036.40 on August 5, 2022.

The stock had outperformed the market over the past month, rising 23.38% against a 9% rise in the Sensex.

The scrip had also outperformed the market over the past year, rising 9.41% versus Sensex rising 7.89%.

On BSE, 1.01 lakh shares have been traded over the counter so far, compared to average daily volumes of 78,773 shares over the past two weeks. The stock hit a high of Rs 1,107.5 and a low of Rs 1,062.15 so far during the day.

The stock reached a 52-week high at Rs 1241.85 on October 28, 2021. The stock reached a 52-week low at Rs 763.75 on June 23, 2022.

On the technical side, the stock’s daily RSI (Relative Strength Index) came in at 65.668. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 913.76, 926.68 and 932.82, respectively. These levels will act as crucial near-term support areas.

IndusInd Bank caters to both individuals and businesses. As of June 30, 2022, the bank’s distribution network comprised 2,286 branches/outlets and 2,783 onsite and offsite ATMs.

The bank reported a 64% increase in its standalone net profit to Rs 1,603 crore on a 9% increase in total revenue to Rs 10,110 crore in the first quarter of FY23 compared to the first quarter of FY 22.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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