Nifty PSU Bank up 4% in one week;Canara, Syndicate, Dena Bank up over 15%

Shares of public sector banks (PSBs) were in focus with the Nifty PSU Bank index rising 4% thus far in current week, to record its biggest weekly gain since November 2017.
At 11:05 am; Nifty PSU Bank index was trading 1.26% higher at 2,977, gaining 4% thus far in the current week.

Syndicate Bank, Allahabad Bank, Oriental Bank of Commerce, Dena Bank and Canara Bank were up more than 15% so far in the current week. IDBI Bank, Andhra Bank, Central Bank of India, Indian Bank, Bank of Baroda, Corporation Bank and Union Bank of India up in the range of 10% to 15%.
The index posted its sharpest weekly gain since November 5, 2017, when it had gained 4%, after extending its 30% surge in the last week of October when the government announced banks recapitalization plan.

Between February 14 and March 9, 2018, most of the PSBs have fallen in the range of 10% to 40% on reports of cheating/fraud cases in several government-run banks.

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