ICICI Bank, SBI, Axis Bank & Tata Power hit fresh 52-week high
Upstox
2 min read • Updated: April 29, 2024, 3:05 PM
Summary
Banking and financial stocks are leading the charge on D-Street. Bank Nifty Index jumped about 2.4% registering its best performance in terms of percentage gain since March 2024. The index has also zoomed to register a fresh all-time high and crossed the 49,000 mark for the first time.
The NSE Nifty 50 index has hit a double century and was seen trading higher by nearly 0.90% above the 22,600 mark. Though the Nifty 50 index gained 200 points, the show stopper of D-Street on Monday turned out to be Bank Nifty as the index has logged a fresh all-time high and witnessed the sharpest single-day rise since March 2024.
With the buoyant market and Bank Nifty index hitting a record high, these stocks made a fresh 52-week high on Monday.
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ICICI Bank: Shares of ICICI Bank which is among the top two constituents of Bank Nifty have hit a fresh all-time high of ₹1,163.45 per share on NSE. The private sector lender gained nearly 5% on Monday as the net interest income (NII) of ₹19,093 crore, advanced by 8% YoY. The NII is slightly higher as against the street estimates of ₹18,958 crore. The private lender's gross non-performing asset stood at 2.16%, down from 2.81% recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.42% compared to 0.48% last year. Furthermore, a dividend of ₹10 per share was recommended by the board.
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Axis Bank: Another banking stock from the private sector space that has joined the list of hitting a 52-week high is Axis Bank. The scrip rose as much as 2.62% to ₹1,159.5, the highest level since its listing in November 1998. The banking stock has become the fourth largest bank by market capitalisation as it surpassed ₹3.55 lakh crore.
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State Bank of India (SBI): India’s largest public sector bank is also trading near to its 52-week high levels - SBI. The stock price of SBI made a fresh 52-week high on Monday of ₹831.25 per share and gained more than 3.5% on Monday. This upsurge was backed by a decent open interest addition. The stock has logged double-digit gains of 10% in April so far.
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Tata Power: Leading power generation company, Tata Power's shares have climbed about 3% to hit a fresh 52-week high of ₹451.35 per share. The stock has recorded a volume of 1.96 crore, which is the highest single-day volume since April 19, 2024. It has seen a long build-up as the price rise is accompanied by a spurt in the open interest. Tata Power is expected to report its earnings on May 08, 2024.