HDFC Life share price gains 5% after HDFC sells 2.6 crore shares

HDFC Life share price gained nearly 5% in early trade today after parent firm HDFC sold 2.6 crore shares in block deal for Rs 1,274.57 crore. Share price of HDFC Life gained 4.71% to Rs 525 against previous close of Rs 501.40 on BSE.

HDFC Life share has gained 3.8% in the last 2 days . The stock opened at Rs 520 with a gain of 3.74%  today.  

The share is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages The stock has lost 17% since beginning of this year but gained 17.53% during last one year.

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In one month, the stock has climbed 8.54%. Market cap of the firm rose to Rs 1.04 lakh crore on BSE. The stock hit 52 week high of Rs 646 on October 31 , 2019 and 52 week low of Rs 339.15 on March 23 , 2020. Total 402 shares changed hands amounting to turnover of Rs  1,997 crore.

HDFC sold 2.6 crore equity shares (1.28 percent of total paid-up equity of HDFC Life) at Rs 490.22 per share, according to bulk deal data available on BSE. The deal was worth Rs Share of HDFC was trading 2.36% or Rs 43 lower at Rs 1,792 against previous close of Rs 1,836. The stock fell 2.79% intra day to Rs 1,785 on BSE.

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