ICICI Bank crossed yet another milestone on Tuesday when its market capitalisation crossed the $100 billion mark to join the league table of leading Indian companies. The stock rose to all-time highs and added Rs 24,411.6 crore in market value in today's trading session. It surged in market capitalization to $105.55 billion, or Rs 8.81 lakh crore. ICICI Bank joins the ranks of the industry leaders in the Indian market, which include Tata Consultancy Services, HDFC Bank, and Bharti Airtel.
ICICI Bank's share ended at ₹ 1,204 apiece, a rise of 2.9 per cent due to strong interest from investors. A latest research by Motilal Oswal has stated, "ICICI Bank is well positioned for robust loan growth, with improving focus toward high-quality underwriting." Resilience in asset quality and normalization in credit costs have been expected by analysts in the case of the bank.
The broader Indian stock market, too, closed at an all-time high with the BankNifty index crossing the strong resistance of 52,000 for the first time. On the daily chart, as market observers pointed out, BankNifty is showing a very strong uptrend as it is making higher highs and higher lows.
