ICICI Bank shares hit record high, m-cap tops Rs 9 lakh crore mark
ICICI Bank on Wednesday surpassed the Rs 9 lakh crore market capitalization mark for the first time after the stock rose 2% to reach a new all-time high of Rs 1,295 on the BSE.
Currently, ICICI Bank is the fifth-largest company by market capitalization, following Reliance Industries, Tata Consultancy Services, HDFC Bank, and Bharti Airtel. Around 3 PM, the company’s market cap was nearly Rs 9.11 lakh crore.
The update comes as anticipation grows for an interest rate cut of 25 or 50 basis points in tonight's US Fed meeting.
Banks have performed well in today’s session ahead of the FOMC meeting, with investors believing that rate cuts would benefit banks and NBFCs.
«Rate cuts could lead to a good amount of treasury profits on the investment book of the banks. They are the cheapest sector (relative to history) in the entire market at this point. So I believe rate cuts would give a positive benefit to banks and NBFCs. They can help them with their borrowing costs as well. This is how we look at it at this point,» said S Naren of ICICI Prudential Mutual Fund.
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