State-run lender State Bank of India (SBI) has gone past ₹8 lakh crore in market capitalisation on Monday, becoming the fifth-largest stock on the National Stock Exchange (NSE).
What Happened: Shares of SBI are rising along with other public sector stocks following exit polls on June 1 that indicated a landslide victory for the Bharatiya Janata Party.
Most exit polls projected the government to secure over 350 Lok Sabha seats, surpassing many brokerage firms’ bullish market scenarios.
Stocks benefiting from the government’s growth plans, such as those in capital expenditure or public sector units, have surged over the past year and are expected to continue rising, according to market experts.
SBI’s market value of ₹8.09 lakh crore now sits at the fifth position in the country’s most valued firms, behind only Reliance Industries, Tata Consultancy Services, HDFC Bank and ICICI Bank. SBI’s stock had previously gone past ICICI before easing later in the session.
Price Action: SBI’s share price climbed 8.67% to ₹906.50 to be the top Nifty 50 gainers in terms of absolute value. The stock has gained over 40% so far this year.
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