Will HDFC Bank make a comeback In 2023?

New Delhi: Nifty and Bank Nifty are fighting to remain in the green on the first day of the week, but there is clearly a sell off coming from higher levels. Certainly, if you look at the markets. The trading session has been relatively quiet. Nifty traded flat with the positive bias.

List of gainers on the Nifty on monday are from the IT pack.

And they are Tech Mahindra, HCL, Tech Infosys, TCS and Wipro. However, Adani Enterprises is under heavy selling pressure in today's trading session. BPCL, Mahindra & Mahindra, Cipla, and JSW Steel were among the other companies that suffered losses on Monday's trading session. When we look at how the sectoral indices performed, we can see that the PSU Bank index led the pack with a 1.8 percent increase. On the other hand, the metal index has taken a one-percentage-point hit, followed by the Auto index and the Pharma index, which appear to be under pressure in the trading session.

HDFC Bank claimed to be the leader because it had a strong third quarter, with NPAs maintaining low sequentially and asset quality virtually unchanged. HDFC Bank's net income has improved by 25% year on year. But operational profit has increased by 13.5 percent only owing mostly to greater operational expenditure (OPEX).

Going deeper into the numbers, we can see that HDFC Bank opened 700 new branches in this quarter, out of the 1400 branches it has opened in the last year or so, making 700 branches in a single quarter a really significant portion there, and employee expenses were up 17 percent sequentially and 31 percent year on year within this.

The stock price performance of HDFC Bank has not been as good as projected for 2022. But Global brokerage recommend that HDFC Bank will outperform in 2023.