SBI Among Top Nifty Gainers; Brokerages Upbeat On The Banking Stock

In trade on Monday (May 24, 2021), the State Bank of India is among the top Nifty and Sensex gainer. Meanwhile, headline indices also scaled to a day's high of 15250 on the Nifty, while the broader markets continued to trade in line.

SBI Among Top Nifty Gainers; Brokerages Upbeat On The Banking Stock

Talking specifically on the lender, SBI posted healthy Q4 FY21 results on Friday with 80 percent jump in net profit year on year to Rs. 6451 crore. Also for the first time in several years, the lender has announced a dividend of Rs. 4 per share.

The stock of SBI has jumped higher by 4 percent to day's high of Rs. 419.20 per share from the previous close of Rs. 401.2 per share on the NSE. Now the stock of SBI is trading close to its 52-week high of Rs. 427.7 per share.

As a whole the robust results by the public sector lender boasts the sentiment of the Indian equity market that things are not bad for the banking sector.

Various brokerages meanwhile have raised the target prices, here are the target price for the ready reference:

Brokerage	Call	Target price
HSBC	Buy	Rs. 485
CLSA	Buy	Rs. 650
Motilal Oswal	Buy
Haitong Securities	Outperform	Rs. 480

GoodReturns.in