SBIN.NS Stock Today April 10: Overtakes ICICI by Market Value

SBI overtakes ICICI market cap is the headline for India banks today. State Bank of India (SBIN.NS) has moved past ICICI Bank (ICICIBANK.NS) to become the No. 2 lender by value. The change comes during a sector sell-off and heavy FPI outflows. Investors are asking what drove the shift and what to watch next. We break down market caps, pricing, SBI net interest margin resilience, ICICI Bank valuation, and near term catalysts for both stocks.

Market cap shift and what drove it

SBI now stands at about ₹9.61 lakh crore in market cap versus ICICI at roughly ₹9.18 lakh crore, based on recent prices. SBIN traded near ₹1,067.50 with a 52-week range of ₹741 to ₹1,234.70. ICICIBANK hovered around ₹1,319.80, within a ₹1,187.60 to ₹1,500 band. The crossover was confirmed in Q4, as reported by Moneycontrol.

SBIN’s day range was ₹1,046.15 to ₹1,068.30, with RSI at 44.5 and ADX at 42.6, showing a strong but cooling trend. Price sits near the Bollinger mid-band around ₹1,050. ICICIBANK’s RSI is 49.4, and price nears the upper band at ₹1,321. Both trade below 50-day averages, suggesting consolidation after recent volatility.

Analysts cite steadier SBI net interest margin and broad liability strength that held up better during rate shifts. Stable margins can protect earnings when loan yields and deposit costs change. This helped sentiment even as banks faced FPI selling. The leadership change was also highlighted by NewsBytes.

Valuation and fundamentals in focus

On valuations, SBIN trades at about 11.3 times earnings and 1.62 times book. ICICIBANK trades near 17.3 times earnings and 2.63 times book. The gap shows SBI’s lower multiple and a value tilt, while ICICI carries a premium for stronger fee mix and consistent retail asset quality.

Return on equity trends stay solid for both, with SBI near 15.1 percent and ICICI around 15.95 percent. Net margins are about 12.0 percent for SBI and 17.3 percent for ICICI. Recent year EPS growth was robust for each, supporting capital build and buffers against any uptick in credit costs.

SBI’s dividend yield is about 1.53 percent with ₹15.90 per share paid in the last year. ICICI’s yield is near 0.86 percent with ₹11.00 per share. Both maintain prudent payout ratios to fund growth. Capital strength and internal accruals remain key as loan growth normalizes and risk weights evolve.

Flows, risks, and near term watchlist

The sector has seen heavy FPI outflows, which raised volatility and dragged premium valuations. Outflows can widen spreads between value and quality names, at least in the short term. For domestic investors, this often creates entry windows in large banks where earnings visibility and deposit franchises remain intact.

ICICIBANK’s Q4 results are slated around April 18. SBIN’s numbers follow by April 30. We will watch NIM commentary, deposit growth, LCR, and credit cost guidance. Even small changes in margin outlook can swing earnings. Management views on unsecured retail and SME stress will also shape the next leg.

Main risks include a sharper rise in deposit costs, slower loan growth in corporate and SME, and any jump in slippages. Regulatory changes on risk weights or capital could curb multiples. Global risk-off moves can intensify FPI selling, which may keep sector correlations high in the near term.

Trading levels and strategy

For SBIN, support sits near ₹1,050 which aligns with the Bollinger middle band, then ₹988 at the lower band. Resistance appears around ₹1,113 and the 50-day average near ₹1,108. RSI at 44 suggests room to stabilize. A sustained close above ₹1,113 could open a move toward ₹1,170.

For ICICIBANK, support is seen around ₹1,259 at the Bollinger middle band and ₹1,197 near the lower band. Resistance is close to ₹1,321 and later ₹1,341 at the Keltner upper line. RSI at 49 implies balance. A firm break above ₹1,321 can target ₹1,380 over time.

We prefer a barbell. Hold a value anchor in SBI for relative defense and optionality if margins remain steady. Pair with ICICI for consistent profitability and premium franchise quality. For position sizing, stagger buys near support zones and reassess after Q4 results and NIM guidance.

Final Thoughts

SBI overtakes ICICI market cap reflects a shift toward value and balance sheet strength during a choppy quarter. SBIN’s lower P E and solid franchise made it a relative defensive as FPI outflows hit bank stocks. ICICIBANK still commands a quality premium with higher margins and strong ROE. Into April results, we will track NIM trends, deposit costs, credit costs, and management guidance. Traders can work with the stated support and resistance levels. Long term investors can blend both names based on risk tolerance. As always, set stop losses and review allocations after earnings updates.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.