SBI rallies 4%, hits record high of Rs 475 on heavy volumes

SBI appears well-positioned to report a strong uptick in earnings, led by moderation in credit costs, believe analysts

Shares of State Bank of India (SBI) rallied 4 per cent to hit a record high of Rs 475 on the BSE in Monday’s intra-day trade on the back of heavy volumes. The stock of the state-owned banking giant surpassed its previous high of Rs 471.85 touched on September 17, 2021.

The trading volumes on the counter more-than-doubled with a combined 18.19 million equity shares having changed hands on the NSE and BSE till 02:46 pm. In comparison, the S&P BSE Sensex was up 0.40 per cent at 60,297 points. In the past three months, SBI has underperformed the