MUMBAI, Feb 9, 2026, 15:48 IST — The market has closed.
- SBI shares surged roughly 7.5%, landing near 1,146 rupees—just off a record intraday peak close to 1,148.
- SBI notched up record profit for the December quarter, margins staying level as bad-loan ratios ticked lower.
- Investors are eyeing whether bank stocks can extend their recent moves, with attention also turning to India’s inflation numbers due later this week.
Shares of State Bank of India surged roughly 7.5% Monday, trading around 1,146 rupees after touching a new all-time intraday high close to 1,148. The stock previously ended at 1,066.40 rupees.
This is significant: SBI stands as the nation’s largest lender, often a proxy for where the credit cycle’s headed. Surprises in SBI’s figures? Traders tend to use them as a snapshot for demand, funding pressures, and sour loans across the state-run banking sector.
SBI posted a record net profit of 210.28 billion rupees for the December quarter, up 24.49% from the same period last year. Net interest income climbed 9.04%. The domestic net interest margin came in at 3.12%. Gross non-performing assets dropped to 1.57%, improving by 50 basis points year-on-year, according to the bank.
Chairman C.S. Setty pointed to recent trade agreements and budget policies as key drivers that should boost demand, adding the lender now plans to raise its credit growth forecast for this financial year to 13-15% from the previous 12-14%. Setty made the comments after the bank posted profits that topped analyst expectations. The figures, underpinned by a 15.4% jump in loans for the quarter ending Dec. 31, came from LSEG data cited by Reuters.
Brokers wasted no time reacting. Reuters noted that at least nine analysts bumped up their price targets following the results. Emkay Global went to 1,225 rupees, Citi pushed its call to 1,265 rupees. Elara Securities described the bank as having “delivered yet another strong print,” though cautioned that what comes next could depend more on broader macro tailwinds than any immediate company-specific catalysts. Reuters
Financial stocks caught a lift from the rally. “A big positive for the market is that foreign investors have bought in cash market in three out of last four trading days,” Geojit Investments’ chief investment strategist V.K. Vijayakumar said. He flagged a pick-up in foreign risk appetite following the U.S.-India trade framework. Reuters
Macro’s likely sticking to the tape in the coming days. Reuters’ market diary points to India’s retail inflation figures for January, set for release on Feb. 12 — numbers that could jolt rate bets and bond yields, with ripple effects on bank margins and treasury portfolios.
Still, the rally narrows the margin for error. Should funding dry up, bond yields climb, or loan growth lose steam following the holiday surge, shares could quickly reverse — particularly with the bar set higher after a record quarter.
Tuesday, traders are eyeing whether SBI can stay above its recent breakout level. They’re also watching if other state-run lenders move in tandem. Broker notes and changes in rate chatter may quickly influence direction.
