SBI hits record high on hopes of strong Q2 earnings; stock up 11% in 8 days

SBI's core fundamentals continue to be on a strong footing and improvement in systemic growth should drive incremental re-rating for the stock, according to analysts

Shares of State Bank of India (SBI) rose 2 per cent to hit a record high of Rs 579.50 on the BSE in Tuesday’s intra-day trade on expectations of strong earnings in the September quarter (Q2FY23) following ICICI Bank's healthy results for this period. 

The stock of the state-owned company surpassed its previous high of Rs 578.65, which it had touched on September 15, 2022. At 11:12 AM; SBI was trading 1.1 per cent higher at Rs 576.60 as compared to a 0.27 per cent decline in the S&P BSE Sensex.

Among PSU banks, SBI would be a