SBI Bank stock rose 4.23 per cent to an all-time high of Rs 805.95 on Thursday. However, by the close of trading, SBI Bank shares were up by 5.12% at ₹812.70.
Shares of State Bank of India Limited (SBI) created a new record on Thursday. PSU bank shares crossed the level of 800 for the first time and hit an all-time high. The spectacular rise in SBI shares came at a time when Axis and IndusInd Bank released their results. In the results, these banks made huge profit gains, due to which there was greenery in the banking sector on Thursday.
SBI Bank stock rose 4.23 per cent to an all-time high of Rs 805.95 on Thursday. However, by the close of trading, SBI Bank shares were up by 5.12% at ₹812.70. Amidst such rise in the shares of SBI Bank, some experts have given their opinion. Let us know how far its shares can go.
How far will SBI Bank shares go?
Rajesh Palviya, Head of Technical Research, Axis Securities, said that State Bank of India (SBI) is included among PSU banks. Palvia said, “In the next 2-3 days, the stock may see a level of Rs 820-830. Stop loss can be maintained at Rs 750. For the March quarter, Axis Securities estimated that SBI’s advances and Deposit increase will be 14 percent and 11 percent. The brokerage said that OPEX is likely to be marginally higher due to salary revision.
Axis Bank becomes the fourth largest lender
After the March quarter results and the ban on Kotak Mahindra Bank, Axis Bank has become the fourth largest lender in terms of market cap. After the excellent quarterly results of Axis Bank, there has been a good growth in the banking sector, due to which such a jump was seen in the shares of SBI. Due to the ban on Kotak Mahindra Bank, it fell by 10 percent.
This much return in six months
Earlier this month, Fitch Ratings said SBI has the highest business profile score among Indian banks, with lower risk than the rest. Let us tell you that SBI Bank shares have increased by 48.45% in the last six months. Apart from this, it has given a return of 26.61% this year.
(Note- Before making any investment in the stock market, please consult your market expert.)
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