Street signs: HDFC Bank's global balancing act, Bulls reign, bears retreat

Following strong responses to two initial public offerings (IPOs) that closed last week, grey market premiums (GMPs) have strengthened for three IPOs set to conclude this week

HDFC Bank’s global balancing act: FPIs tilt the scales

HDFC Bank outperformed the markets last week, gaining 4.4 per cent, even as the benchmark indices ended flat. The gains were driven by optimism that the weight of the country’s most valuable lender would increase in global indices. This optimism hinges on foreign portfolio investors (FPIs) potentially reducing their ownership in HDFC Bank below 55 per cent during the April-June quarter. “If FPIs reduce their holding from 55.5 per cent to below 55 per cent, there could be a significant weight change from 4 per cent to 8