SBI share price climbs to a new peak as stock market pares morning losses. Buy or sell?
Stock market today: After the gapdown opening in the early morning session on Thursday, the Indian stock market witnessed a strong rebound after intensified buying in the PSU segment. Shares of State Bank of India (SBI) also witnessed buying interest among Dalal Street bulls.
SBI share price today opened downside at ₹770.65 apiece on NSE, but the Indian banking major bounced back strongly and touched an intraday high of ₹806 per share level, which turned out a new lifetime high for the SBI shares. According to stock market experts, SBI shares are rising after strong buying in the PSU stocks after the down market opening.
They said that RBI's new guideline on Kotak Mahindra Bank is also working for the market is expecting that big banking players like Axis Bank, SBI, Bank of Baroda, and ICICI Bank may benefit from the business loss taking at the Kotak Mahindra Bank's end after the RBI''s ruling. They predicted more upside in SBI shares as the bank is expected to deliver strong Q4 results 2024.
Highlighting the reasons that are fueling SBI share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “SBI shares are rising as people are looking at PSU stocks while bottom fishing. As the Indian banking major is expected to benefit post-Lok Sabha elections when infrastructure projects will be running in full swing, the market is expecting strong quarterly numbers from the PSU bank.
They are expecting the banking major to deliver strong Q4 results in 2024 due to the high-interest rate regime." Avinash Gorakshkar said that some credit can be given to the recent RBI ruling on Kotak Mahindra Bank, which is expected to fuel the credit card business of its competitors in various parts of India. SBI's
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