The Indian stock market has opened on a positive note on January 13 with Sensex up 240.64 points or 0.49 percent at 49757.75, and the Nifty adding 78.10 points or 0.54 percent at 14641.60.
Among the sectors, Bank Nifty gained a percent with the index hitting new record high. The up move was led by State Bank of India, which was up 3 percent, followed by Bank of Baroda, ICICI Bank, Federal Bank and Axis Bank.
State Bank of India share price rose after FPIs raised stake in the company in the quarter ended December 2020. FPIs raised stake in the company to 9.82 percent from 7.75 percent in the quarter ended December 2020.
Goldman Sachs has maintained buy on SBI with a target at Rs 383 per share. Research house added the stock to the conviction list. The company is one of the most attractive names within our coverage, said Goldman Sachs.
Despite 40 percent rise in last 5 months, investors still pricing in 60 percent hit to its FY21e book value and not only balance sheet protection, but there are other drivers that market is yet to fully appreciate, reported CNBC-TV18.
Bank Nifty continued its outperformance for the third consecutive week compared to the benchmark. The overall setup hints that the Bank Nifty is likely to hit a new high in the coming week and inch towards 32,800-33,000. On the downside, immediate support is placed at 31,800 followed by 31,600 levels, said Nilesh Jain, Senior Technical and Derivatives Analyst- Equity Research at Anand Rathi Shares and Stock Brokers.
Among the banking names, the most active stocks in terms of volumes included Yes Bank where 4,28,39,510 shares were traded followed by PNB (3,99,56,066), Bank of Baroda (3,12,69,291), SBI (1,50,41,425) and Canara Bank (1,35,26,479).
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