PSU banks rally; Nifty PSU Bank index up 5%

Shares of public sector undertaking (PSU) banks were in focus with Nifty PSU Bank index gaining 5%, its sharpest intra-day gain during past one month on the National Stock Exchange (NSE).
At 11:13 am; Nifty PSU Bank index, the largest sectoral index, was up 4.9% at 2,844, as compared to 0.73% rise in the Nifty 50 index. The index surged 5.1% in intra-day deal, recorded its biggest intra-day trade since March 26, 2018, when it was up 5.4%.

State Bank of India (SBI), Oriental Bank of Commerce, Union Bank of India, Andhra Bank, Bank of India, Canara Bank, Bank of Baroda (BoB) and Allahabad Bank from the index were up in the range of 5% to 7% on the NSE. IDBI Bank, Punjab National Bank, Syndicate Bank and Indian Bank were up 3% to 4%.


On Thursday, Nifty PSU Bank index closed at 2,712, its lowest level since June 30, 2016. In past twelve trading days, the index underperformed the market by falling 11.5% against 2% rise in the Nifty 50 index till yesterday.