State Bank of India (SBI) has surged ahead of IT major TCS and private lender ICICI Bank in terms of market capitalization, marking a significant reshuffle among India’s most valued listed companies. The rally in SBI’s stock reflects growing investor confidence in the bank’s improving asset quality, robust credit growth, and consistent financial performance.

Key Highlights

• SBI surpasses TCS and ICICI Bank to become India’s most valuable listed company by market capitalisation.
• Strong investor confidence, robust earnings growth, and banking sector momentum drive SBI’s historic market leadership.

Driven by strong quarterly results and positive sectoral momentum, SBI’s valuation climbed sharply, enabling it to overtake both TCS and ICICI Bank in the market-cap rankings. Analysts attribute this rise to sustained loan growth, better margins, declining non-performing assets, and improved operational efficiency. The broader banking sector has also benefited from stable interest rates, resilient demand for credit, and healthy economic indicators.

In contrast, IT stocks, including TCS, have faced moderate pressure amid concerns over global slowdown, muted tech spending, and cautious client outlooks, which have limited their stock upside. Meanwhile, ICICI Bank, despite reporting solid earnings, was unable to match SBI’s recent market momentum.

SBI’s ascent underscores the renewed investor focus on banking and financial stocks, especially public sector lenders that have demonstrated structural improvements over recent years. The development highlights a shift in market leadership, with financial institutions once again emerging as dominant players in India’s equity landscape.

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This milestone further cements SBI’s position as a heavyweight in Indian capital markets, reflecting the sector’s growing importance in driving overall market growth.