The market capitalisation of ICICI Bank crossed the Rs 9 lakh-crore mark on Wednesday after its shares jumped 2% intraday to touch a new high of Rs 1,295 on the BSE. The stock closed with a gain of 1.55% to Rs 1,288.05. With a market cap of Rs 9.1 lakh crore, the private lender becomes the fifth-largest company by market value.
Reliance Industries is the largest company by market value, with a market capitalisation of Rs 19.8 lakh crore, followed by Tata Consultancy Services at Rs 15.7 lakh crore. ICICI Bank is the second bank to achieve this milestone. HDFC Bank, the third-largest firm in terms of market value, has market capitalisation of Rs 12.9 lakh crore.
Shares of ICICI Bank have rallied nearly 30% in the current calendar year, as against a 15% rise in the benchmark Sensex.
Most of the banking stocks rose on Wednesday, with BSE Bankex gaining 1% on hopes of rate cuts by the US Federal Reserve.
Experts believes the Fed rate cut will likely have a positive impact on banking stocks as lower rates may reduce cost of funds, improving net interest margins of lenders.