Robust Trading Volumes Highlight Investor Interest
On 9 January 2026, ICICI Bank recorded a total traded volume of 16,71,962 shares, translating into a substantial traded value of ₹23,766.10 crores. This places the stock among the most actively traded equities by value on the day, underscoring strong market participation. The delivery volume on 8 January surged to 1.16 crore shares, marking a 49.07% increase compared to the five-day average delivery volume, signalling rising investor confidence and commitment to holding positions.
The stock opened at ₹1,427.10 and traded within a relatively narrow range of ₹13.9, with a day’s high of ₹1,429.50 and a low of ₹1,415.60. The last traded price (LTP) stood at ₹1,417.60 as of 09:44:47 IST, reflecting a decline of 1.38% from the previous close of ₹1,435.00. This price movement indicates a mild correction following five consecutive days of gains, suggesting profit-booking or cautious repositioning by market participants.
Performance Relative to Sector and Market Benchmarks
ICICI Bank’s one-day return of -1.17% lagged behind the private sector banking sector’s decline of -0.61% and the Sensex’s marginal fall of -0.19%. This underperformance by 0.66 percentage points relative to its sector highlights selective selling pressure on the stock despite the broader market’s modest retreat. The stock’s trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, however, indicates that the medium to long-term trend remains intact, with technical support levels holding firm.
Market Capitalisation and Quality Assessment
ICICI Bank commands a formidable market capitalisation of ₹10,26,415 crores, categorising it as a large-cap stock with significant institutional interest. The company’s MarketsMOJO Mojo Score stands at 54.0, reflecting a Hold rating, an upgrade from a previous Sell grade assigned on 5 January 2026. This improvement in grading suggests a stabilisation in fundamentals and valuation metrics, although the stock has yet to demonstrate a decisive breakout to warrant a Buy recommendation.
The Market Cap Grade of 1 indicates the stock’s dominant position in the market, but also implies that valuation multiples may be stretched relative to peers, necessitating cautious appraisal by investors. The recent downgrade reversal aligns with the stock’s resilience amid volatile market conditions and its ability to maintain liquidity, with a trade size capacity of ₹38.65 crores based on 2% of the five-day average traded value.
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Institutional Interest and Order Flow Dynamics
The surge in delivery volume and high traded value point to robust institutional participation in ICICI Bank’s shares. Institutional investors often drive large order flows, which can influence price trends and liquidity. The stock’s ability to sustain trading volumes above ₹23,000 crores in a single session is indicative of strong demand and supply dynamics, which are critical for price discovery in large-cap banking stocks.
Despite the recent price dip, the stock’s trading above all key moving averages suggests that institutional investors may be accumulating on dips, anticipating a resumption of upward momentum. However, the narrow trading range and the recent trend reversal caution that volatility may persist in the near term, requiring investors to monitor order flow and volume patterns closely.
Valuation and Fundamental Outlook
ICICI Bank’s current Mojo Score of 54.0 and Hold grade reflect a balanced view of its valuation and growth prospects. The upgrade from Sell to Hold on 5 January 2026 signals an improvement in the company’s financial health and market positioning, although challenges remain in the form of sectoral headwinds and macroeconomic uncertainties.
As a private sector bank, ICICI Bank operates in a competitive environment with evolving regulatory frameworks and credit risk considerations. Its large market capitalisation and liquidity profile make it a preferred choice for institutional investors seeking exposure to India’s banking sector, but valuation discipline remains paramount given the stock’s premium multiples.
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Outlook and Investor Considerations
Looking ahead, ICICI Bank’s stock performance will likely hinge on its ability to sustain earnings growth amid a challenging macroeconomic backdrop and evolving credit conditions. The recent correction after a string of gains may offer a tactical entry point for investors with a medium to long-term horizon, especially given the stock’s strong liquidity and institutional backing.
Investors should weigh the stock’s current Hold rating and moderate Mojo Score against sectoral trends and broader market sentiment. Monitoring delivery volumes, price action relative to moving averages, and institutional order flows will be critical in assessing the stock’s near-term trajectory. While the bank’s fundamentals remain solid, selective profit-taking and market volatility could temper upside potential in the short term.
In summary, ICICI Bank continues to be a key player in the private sector banking space with significant trading interest and institutional participation. Its recent upgrade in rating and sustained liquidity profile make it a stock to watch, albeit with a cautious approach given the recent price underperformance and narrow trading range.
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