HDFC Bank: Is the elephant ready to dance again?

After a subdued three years, HDFC Bank is reclaiming its place as India's premier banking institution. The stock has quietly touched new highs, prompting Motilal Oswal's Raamdeo Agrawal to note in a recent interview, " HDFC Bank in the last 15 days has gone to a new high, but nobody seems to have noticed that because it has happened very silently. When it crosses Rs 2,000, that is when people will wake up. " The question now is whether this silent ascent marks the start of a more pronounced resurgence or merely a fleeting uptick.