India's largest public sector bank, SBI, has created a marvel. For the first time, the bank's market cap (SBI Bank MCap) has crossed the 7 trillion rupees mark. Meanwhile, SBI's stock also experienced a sharp increase, reaching all-time high levels. During intraday trading, SBI's share price on BSE rose by 0.79%, reaching 790.15. The market cap now stands at 7,00,760 crores.
SBI's stock is trading in the overbought zone as it hits record highs. The stock's Relative Strength Index (RSI) is indicating 72.9. SBI stock's one-year beta is 0.7, signaling minimal volatility over the period. It's worth noting that SBI shares are trading above their 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages.
SBI's Stellar Growth Over the Year
State Bank of India's shares have climbed 20.68% over the past month, and over the past year, the share price has surged 39.47% to 790.15 per share. By 2024, SBI's stock had offered a return of 22.35%, while it has generated a 35.52% return over the past six months. According to Business Today, brokerage firm Sharekhan has set a banking stock target price of 915 rupees.
The Potential Ascent of SBI's Share
Incread Equities' target price for SBI in a bullish scenario is 850 rupees. The brokerage stated that there is sustained asset quality in unsecured personal loans and other retail loans. As of December 2023, the bank's Capital Adequacy Ratio (CAR) was 14.68%, whereas public sector banks in India are required to maintain a minimum CAR of 12%. Motilal Oswal has recommended buying the stock, providing a target of 860 rupees.
Sensex Makes Historical Leap
Just hours before market closing, the BSE Sensex took a massive leap, reaching a record level of 74,109.13 with a robust increase of 432 points. This is the first time in the history of the stock market that the Sensex has achieved this milestone. The day's low was at 73,321.48, while the high was at 74,151.27. Meanwhile, the Nifty closed up 117 points at 22,474.
