SBI shares hits record high at NSE, trades at Rs 580 with a spike of 25%

Hovering around its record high level, shares of India's largest public sector bank, State Bank of India have been quoting at Rs 580, up by 0.25% on the day as of 2:50 PM on the National Stock Exchange (NSE). Notably, this came after another landmark session earlier this afternoon when SBI shares were trading at Rs 580.65 with a 0.36% spike as of 12:44 PM.On the other hand, while NIFTY 50 has been quoting at 17,669.55, NIFTY Bank and NIFTY IT trades at 41,247.90, up 0.30 % and 28,431.65 with a slide of 1.01% respectively.Similarly, the shares of SBI also hit Rs 586 per piece at the Bombay Stock Exchange (BSE), thus surpassing its earlier number which touched this week on Tuesday. Notably, it is being considered that the upward momentum will continue on the basis of technical factors.ICICI Direct, a domestic brokerage in a note said, "Nifty PSU bank index logged a resolute breakout from four years’ downward sloping trend line, indicating a structural turnaround. Within the PSU banking space, we remain constructive on State Bank of India (SBI) shares as it witnessed a faster pace of retracement after retesting a 12-month range breakout area of Rs 546 thereby confirming a structural turnaround. This augurs well for the next leg of the up move."It further expected the price to accelerate in an upward direction and further head towards Rs 634 in the coming months.Stock prices of SBI witnessed a major appreciation.Notably, shares of the SBI have been showing signs of momentum for the past eight trading days. It has been appreciated by a huge percentage and thus can prove to be a key beneficiary of the systemic uptick in credit demand.Notably, the prices have witnessed a bull run after making low rounds of around 430 odd levels in June this year.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.