(Reuters) -Indian shares inched higher on Thursday, led by Adani Group stocks and heavyweight HDFC Bank, while IT firms slipped amid resurgent uncertainties over the trajectory of U.S. interest rate cuts.

An analyst tracking HDFC Bank has a price target of as high as ₹2,550 on the stock, which implies a potential upside of 40% from current levels.

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HDFC Bank stock hit its record high of Rs 1836.10 on Thursday amid a big correction in the broader market. Market cap of the bank stood at Rs 14.01 lakh crore today.

The market cap of HDFC Bank peaked at Rs 14,00,710 crore, it later slipped below this level amid broader market profit-taking. At the time of filing, the shares of HDFC Bank were trading at Rs 1804.05.

After hitting a new all-time high of Rs 1,810 on Tuesday, HDFC Bank shares have slipped and are now hovering around the Rs 1,800 mark. This level has historically been a key resistance zone, with the stock reversing from this region on several occasions.

HDFC Bank’s market capitalisation surpassed ₹14 lakh crore for the first time on November 28, with its stock reaching a new high of ₹1,836.05.