Shares of ICICI Bank today surged 6 per cent and were heading towards best single-day gain since May 9, 2014.
According to traders, the stock was up on value-buying and short-covering ahead of derivatives expiry on Thursday.
The bank has reported 10 per cent rise in January-March net profit, beating analyst estimates.
According to Kotak Securities, the bank’s stronger guidance for FY2016 is seen as strong positive development.
The brokerage expects 30 per cent upside from the current levels. It says recent price weakness would be used as an attractive entry point.
ICICI shares have fallen 6.5 per cent so far this month till Monday’s close.