State Bank of India (SBI), the country’s largest public sector lender, continued its impressive rally on Wednesday, November 26, with shares rising 1.6% to touch a record high of ₹999 apiece. The stock is now on the cusp of crossing the ₹1,000 mark for the first time in its history.

The PSU bank has been on a strong bull run since late August, gaining 25% year-to-date, which has pushed its market capitalisation past ₹9 lakh crore. With today’s gains, SBI’s market cap reached ₹9.22 lakh crore, making it the sixth most-valuable company in India’s stock market. If the momentum continues, SBI could even surpass ICICI Bank’s market capitalisation of ₹9.80 lakh crore in the coming weeks.

Among Indian banks, HDFC Bank remains the most valuable with a market cap of ₹15.4 lakh crore, according to BSE data.

SBI Set for Fifth Consecutive Year of Gains

SBI’s robust performance has positioned it for its fifth consecutive year of positive returns. The stock accelerated after the release of its September quarter results, which exceeded analysts’ expectations. The bank also raised its credit growth forecast in light of improving demand in the system.

Supportive measures from the RBI and the government, including repo rate cuts and GST reductions, have further boosted urban consumption, contributing to the bank’s growth trajectory.

Additionally, improving asset quality and stable net interest margins (NIMs) have made PSU banks increasingly attractive to investors.

Q2FY26 Performance Highlights

• Net Profit: ₹20,160 crore, up 10% YoY from ₹18,331 crore in Q2FY25
• Net Interest Income (NII): ₹1,19,654 crore, up from ₹1,13,871 crore a year ago
• Net Interest Margin (NIM): 3.09%, contracting 18 bps YoY but expanding 7 bps QoQ
• Gross NPAs: Declined to 1.73% from 2.13%
• Net NPAs: Declined to 0.42% from 0.53%

The bank’s loan book expanded 12.73% YoY to ₹44.2 lakh crore, prompting SBI to raise its credit growth guidance to 12–14% for FY26, up from the earlier forecast of 11–12%.

Technical Outlook

According to Anshul Jain, Head of Research at Lakshmishree, SBI has broken out of a flat base at ₹838 and is steadily moving toward its pattern target of ₹1,050, supported by strong momentum at current levels. He noted that any dip toward the 20-day EMA near ₹955 could offer a fresh buying opportunity, as the stock has consistently respected this moving average during its uptrend.

However, Jain also cautioned that momentum indicators are currently stretched, and traders should practice disciplined position sizing and entry management as the stock approaches its target zone.

Conclusion

SBI’s record-breaking performance reflects a combination of strong financial results, improving macroeconomic conditions, and robust investor sentiment. As the stock nears the ₹1,000 milestone, analysts remain optimistic but advise caution given stretched technical indicators.