SBI market cap crosses ₹8 lakh crore as stock spikes over 9% to new record high on exit poll predictions of NDA win
State Bank of India (SBI), the nation's largest public sector bank, rose 9.8% to reach an all-time high of ₹911.30 apiece in today's intraday session. This pushed the bank's market capitalisation beyond ₹8 lakh crore for the first time, making it the first PSU company to achieve this milestone.SBI has now entered the ₹8 lakh crore market capital club, becoming the fourth listed company to achieve this milestone.
Over the past six months, its shares have surged significantly, climbing from ₹564 apiece to the current level of 909, marking a remarkable gain of 61%.Also Read: BSE PSU index zooms over 6% to all-time high as exit polls project BJP-led NDA's victoryFollowing the release of exit polls after the final phase of elections on Saturday, investor sentiment towards PSU bank counters turned optimistic, driving them into positive territory. The projections of a resounding victory for the ruling NDA in the exit polls have fueled expectations of Prime Minister Narendra Modi's third consecutive term, contributing to a bullish trend in the market.
This reflects growing confidence in the government's leadership and its potential impact on the financial landscape."The victory of PM Modi/BJP augurs well. Fundamentally, for the economy and capital markets, India is witnessing its own mini-Goldilocks moment.
Our model portfolio remains aligned with the key domestic cyclical themes. We remain overweight on financials, consumption, industrials, real estate, and PSU banks," stated domestic brokerage firm Motilal Oswal.Also Read: Nifty PSU Bank rockets over 5% to record high; 5 stocks at new 52-week highsThe brokerage reaffirmed its 'buy' recommendation on SBI's stock following the bank's Q4 results and has set a target price of ₹925
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