SBI’s market cap crosses Rs 5 lakh crore, stock reaches new record high
Market analysts are very positive about the State Bank stock and 37 out of 38 analysts have bought the stock and one has given hold advice. According to experts, the further performance of the bank can be better.
SBI’s market cap crosses Rs 5 lakh crore
State Bank of India’s stock is seeing a steady rise today. Due to increase in demand, the stock has reached a new record level till date. Due to which the total market value of the bank has crossed Rs 5 lakh crore. The main reason for the rise in the stock is the advice to buy in the stock by many brokerage houses, due to which buying is being seen. Based on current market value SB I Ranked 7th in the country.
where did the stock reach
In Wednesday’s trading, the stock has reached the level of 574 with an increase. Which is the highest level of the stock ever. In the last trading session, the stock closed at the level of 558. At present, the total market cap of the bank is Rs 5.11 lakh crore. For some time now, there is an upward trend in the stock amid volatility. In one month, the stock rose from the level of 525 to the level of 574. Whereas a year ago the stock was at the level of 444. The stock has a one-year low of 425.
Why did the stock rise?
The main reason for the rise in the stock is the advice of market experts to buy the stock. ET quoted a report as saying that a total of 38 analysts have given their opinion on the stock. Out of which 32 are very positive about the stock and are advising to buy strongly in the stock. At the same time, 5 are advising to buy and one has advised to hold i.e. it is advised to maintain the amount invested. Only last week, Morgan Stanley had given an estimate that the stock is expected to reach the level of 675 further. The report gives an estimate of the better performance of the bank. Because of which this target has been given for the stock.
