business-northeast-logo

SBI shares soar to new high, market cap crosses Rs 8 lakh crore

BNE News Desk


Spread the love

New Delhi: Shares of state-owned State Bank of India (SBI), the country's largest public sector bank, soared by 9.8% to hit an all-time high of Rs 911.30 per share during Monday's intraday session. This surge propelled SBI's market capitalization beyond Rs 8 lakh crore for the first time, solidifying its position as the first PSU company to achieve this milestone.

SBI's entry into the exclusive Rs 8 lakh crore market capital club marks a significant milestone, making it the fourth listed company overall to accomplish this feat. Over the past six months, the bank's shares have witnessed a substantial uptrend, escalating from ₹564 apiece to the current level of ₹909, representing an impressive gain of 61%.

Analysts attribute this bullish trend partly to the prevailing political landscape, with exit polls projecting a favorable outcome for the NDA, which is expected to secure 367 seats, as per the average of 12 exit polls. This forecast signals an increase from the 353 seats secured by the NDA in the 2019 elections, underpinning market confidence.

Despite the NDA potentially falling short of its ambitious 'Abki Baar 400 Paar' target, traders remain optimistic about the Nifty index's performance. Anticipations run high as traders expect the Nifty to surpass the 24,000 mark this week, reflecting the overall positive sentiment in the market.

ALSO READ: Mercedes' C 300 AMG Line launched at Rs 69 lakh

BNE News Desk