Axis Bank Hits New 52-Week High, Stock Outperforms Peers and Nifty Bank

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Axis Bank Hits New 52-Week High, Stock Outperforms Peers and Nifty Bank
Credit: © Reuters.

By Malvika Gurung -- The private sector lender Axis Bank (NS: AXBK ) hit a new 52-week high on Wednesday at Rs 981.25 and surpassed the Rs 3 lakh crore market capitalization mark in the session.

The banking stock extended its upward streak for the fifth consecutive session on June 7, 2023, and has declined only once in the past 11 trading days. The shares have gained over 7% in this period.

In the past one month, Axis Bank’s shares have surged 11%, significantly outperforming the stock performances of major peers HDFC Bank (NS: HDBK ) (down 2.75%), ICICI Bank (NS: ICBK ) (down 0.06%) and State Bank of India (NS: SBI ) (up 0.93%).

The Mumbai-headquartered bank’s stock also trumped the sectoral index Nifty Bank’s gains in the past month, with the latter rising 2.04% in the period.

Axis Bank is among the global brokerage firm Jefferies’ top financial stock picks for June 2023 as it sees the lender’s franchise bolstering, and on track to deliver sustainable higher growth and return on equity (ROE).

The bank has significantly enhanced its digital platforms and tools, both for customer-facing interactions and back-end operations, which is expected to facilitate liability mobilization, stated the brokerage firm.

Read Also: ICICI Bank Among Jefferies’ Top Financial Picks in June, Overweight on Axis Bank

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