SBIN.NS Stock Today: Budget Borrowing Hit; Q3 Results Watch – February 03

The SBI share price swung sharply after the Union Budget signaled a 17% rise in FY26–FY27 gross borrowing, lifting yield expectations and pressuring bank valuations. State Bank of India (SBIN.NS) briefly dipped below ₹1,000 on 2 Feb before rebounding. By late session, the SBI share price hovered near ₹1,064.20, up 4.5% day on day. With Q3 FY26 results due on 7 Feb, investors will focus on NIM resilience, asset quality, treasury marks, and any guidance on credit costs and growth into FY27.

SBI stock today: price action and levels

The SBI share price recovered to ₹1,064.20 on 2 Feb, a 4.5% gain, within an intraday range of ₹1,040.30 to ₹1,089.80. Volume rose to 16.13 million versus a 9.31 million average, signaling active participation. Momentum stayed positive with RSI at 60.2 and MACD above signal. Trend strength remained high as ADX printed 41.4. The stock trades above its 50-DMA at ₹995.27 and 200-DMA at ₹878.25.

Price sits above Bollinger and Keltner upper bands, implying stretched short-term conditions. Immediate resistance is near ₹1,082.50, the 52-week high, and around ₹1,090. A close above these levels can extend the uptrend. First support sits at ₹1,013 to ₹1,000, then the 50-DMA at ₹995. The ATR at 13.84 suggests wider intraday swings, so position sizing matters.

Why the dip: Budget borrowing and yields

A 17% increase in planned gross borrowing for FY26–FY27 implies higher bond supply and potential upward pressure on yields. Rising yields can dent treasury gains and compress bank multiples. This macro read-through weighed on the SBI share price during the post-Budget session, before buyers stepped in. For context on the selloff drivers, see this source.

SBI recently crossed the ₹10 trillion market cap milestone and notched new highs, prompting profit-taking when macro risks surfaced. Such moves often follow strong multi-month rallies as investors lock in gains. A brief shakeout does not break the broader trend if supports hold. Background on the milestone is here: source.

Q3 FY26 results: what to track on Feb 7

We will watch NIM trajectory as deposit repricing continues, loan growth in retail and corporate books, and slippage trends. The SBI share price may react to clarity on credit costs and any revisions to FY26–FY27 growth commentary. Stable asset quality and steady fee income can offset treasury volatility if yields remain firm.

Treasury line items will be important after the yield move, including AFS/HTM impacts and any realized gains. Investors should also track CET1 and management’s dividend stance. EPS stands at ₹89.94 TTM, with a 1.55% dividend yield and DPS of ₹15.9. State Bank of India results are scheduled for 7 Feb, which could set near-term direction.

Valuation and positioning

At ₹1,064, SBI trades at 11.44x TTM earnings and 1.82x TTM book, with ROE near 16.29%. Our stock grade framework shows B (Hold), while another system rating dated 2 Feb flags C (Sell), citing weak ROA and leverage metrics. The SBI share price path will hinge on Q3 delivery versus expectations and any changes to FY26–FY27 outlook.

Key sensitivities include government bond yields, deposit pricing, and PSU bank flows. A clean print on NIM and credit costs, plus stable treasury marks, can support the SBI share price. Conversely, a yield spike or higher slippages may test supports at ₹1,013–₹1,000 and the 50-DMA at ₹995. Stick to disciplined entries and defined stops.

Final Thoughts

The Budget-led yield scare sparked a sharp swing in SBI, with the SBI share price briefly slipping below ₹1,000 before recovering above the 50-DMA. Trend strength remains intact, but price sits near resistance around ₹1,082.50–₹1,090, where supply often appears. Into the 7 Feb Q3 FY26 results, we suggest a simple plan: watch NIM, slippages, and treasury impacts; monitor the ₹1,013–₹1,000 zone for demand; and avoid chasing breakouts if volume fades. Long-term holders can stay patient given reasonable PE and PB versus ROE, while traders may prefer buying dips with tight risk control. As always, align position size with volatility and your risk budget.

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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.