High-Value Trading and Market Performance
On 3 February 2026, ICICI Bank Ltd. emerged as one of the most actively traded equities by value on the Indian stock exchanges. The stock recorded a total traded volume of 9,129,767 shares, translating into a substantial traded value of approximately ₹12,694 crores. This level of liquidity underscores the stock’s appeal among both retail and institutional investors, enabling sizeable trade executions without significant price disruption.
The stock opened sharply higher at ₹1,412, marking a 4.38% gap-up from the previous close of ₹1,352.80. It touched an intraday high of ₹1,417, representing a 4.75% gain, before settling at ₹1,392.20 at the last update time of 09:44:47 IST. This closing price reflects a 2.88% increase on the day, outperforming the private sector banking sector’s gain of 2.77%, the Sensex’s 2.56%, and the sector’s 1-day return of 2.66%.
Technical and Trend Analysis
From a technical standpoint, ICICI Bank’s price remains above its 5-day, 20-day, 50-day, and 100-day moving averages, signalling short- to medium-term bullish momentum. However, it continues to trade below its 200-day moving average, indicating that the longer-term trend remains under pressure. The stock has recorded consecutive gains over the past two days, delivering a cumulative return of 4.02% during this period, which suggests a positive near-term sentiment among traders.
Despite the recent rally, the stock’s Mojo Score stands at 48.0, categorised as a ‘Sell’ grade as of 1 February 2026, a downgrade from its previous ‘Hold’ rating. This downgrade reflects a cautious stance based on MarketsMOJO’s comprehensive assessment, which factors in valuation, momentum, and quality metrics. The market cap grade remains at 1, indicating the stock’s classification as a large-cap entity with a market capitalisation of ₹9,96,302.58 crores.
Institutional Interest and Investor Participation
While the stock’s liquidity remains robust, with the capacity to handle trade sizes of up to ₹44.1 crores based on 2% of the 5-day average traded value, there has been a noticeable decline in delivery volumes. On 2 February 2026, the delivery volume stood at 96.53 lakh shares, down by 29.06% compared to the 5-day average delivery volume. This reduction in delivery volume may indicate a temporary pullback in long-term investor participation, possibly due to profit-booking or cautious positioning ahead of upcoming corporate or macroeconomic events.
Nevertheless, the high turnover and value traded suggest that the stock remains a focal point for active traders and short-term investors seeking to capitalise on volatility and momentum within the private banking sector.
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Valuation and Quality Metrics
ICICI Bank’s current valuation metrics and quality grades have contributed to the recent downgrade in its Mojo Grade. The bank’s market cap grade of 1 confirms its status as a large-cap stock, but the overall Mojo Score of 48.0 suggests that the stock is currently overvalued or facing headwinds in momentum and quality parameters. This assessment is critical for investors who prioritise a balanced approach combining fundamentals and technicals.
Despite the downgrade, the bank’s fundamentals remain solid, supported by its dominant position in the private banking sector, diversified loan book, and steady asset quality. However, investors should be mindful of the potential risks from macroeconomic factors such as interest rate fluctuations, credit growth moderation, and regulatory changes that could impact earnings visibility.
Sectoral Context and Comparative Performance
The private sector banking sector has shown resilience, gaining 2.77% on the day, buoyed by strong credit demand and improving asset quality trends. ICICI Bank’s outperformance relative to the sector and benchmark indices highlights its continued relevance as a bellwether stock within the financial services space. However, the falling delivery volumes and the Mojo Grade downgrade signal that investors should remain vigilant and consider risk management strategies.
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Outlook and Investor Considerations
Looking ahead, ICICI Bank’s trading activity and price momentum suggest that the stock remains a key focus for market participants. The recent price gains and high turnover indicate positive short-term sentiment, but the downgrade in Mojo Grade and declining delivery volumes warrant caution. Investors should closely monitor upcoming quarterly results, credit growth trends, and macroeconomic developments that could influence the bank’s earnings trajectory and valuation.
For long-term investors, the bank’s strong franchise, extensive branch network, and improving digital capabilities provide a solid foundation for sustained growth. However, given the current mixed signals, a selective approach with attention to entry points and risk management is advisable.
Traders may find opportunities in the stock’s liquidity and volatility, but should remain alert to sectoral shifts and broader market dynamics that could impact price action.
Summary
ICICI Bank Ltd. continues to command significant attention in the equity markets, driven by high-value trading and strong intraday performance. While the stock outperforms its sector and benchmark indices, the recent downgrade in its Mojo Grade to ‘Sell’ and falling delivery volumes highlight the need for a balanced perspective. Investors and traders alike should weigh the bank’s robust fundamentals against prevailing market risks and valuation concerns to make informed decisions.
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