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PSBs in focus; Nifty PSU Bank index up 2%

J&K Bank, Allahabad Bank, Bank of India, Andhra Bank and IDBI Bank were up more than 3% on NSE.

SI Reporter  |  Mumbai 

SBI, State Bank of India, state bank, bank

Shares of public sector banks (PSBs) were in focus with the Nifty gaining over 2% on the National Stock Exchange (NSE).

Jammu & Kashmir Bank, Allahabad Bank, Bank of India, Andhra Bank and IDBI Bank were up more than 3%, while State Bank of India (SBI), Oriental Bank of Commerce, Punjab National Bank, Union Bank of India and Bank of Baroda were up 1%-3% on NSE.

At 02:41 pm; Nifty index, the largest gainer among sectoral indices, was up 1.9% at 3,578 after hitting its high of 3,581 in noon deals. By comparison, Nifty 50, Nifty Bank and Nifty Private Sector Bank indices were up less than 1%.

Amid talks of consolidation gaining currency in the Indian banking space, public sector lender Dena Bank's Chairman and Managing Director (CMD) Ashwani Kumar has said the proposed move would bring about several benefits, the Business Standard report suggests.

Consolidation would also benefit banks in their capital requirements and help them better manage non-performing assets (NPAs), he added. CLICK HERE TO READ FULL REPORT.

Meanwhile, foreign portfolio investors (FPIs) and domestic mutual funds (MFs) have increased their stake in public sector banks (PSBs) in the April - June quarter (Q1FY18), on the expectation that there will be a resolution to the non-performing assets (NPAs) issue. CLICK HERE TO READ FULL REPORT.

J & K BANK 90.25 83.50 8.1
ALLAHABAD BANK 75.45 72.35 4.3
BANK OF INDIA 160.40 154.90 3.6
ANDHRA BANK 58.60 56.75 3.3
IDBI BANK 61.00 59.15 3.1
ORIENTAL BANK 153.90 149.75 2.8
UNION BANK (I) 158.15 154.80 2.2
PUNJAB NATL.BANK 161.35 158.25 2.0
BANK OF MAHA 28.90 28.35 1.9
BANK OF BARODA 164.60 161.75 1.8
SYNDICATE BANK 77.75 76.50 1.6
ST BK OF INDIA 295.30 290.65 1.6
PUN. & SIND BANK 55.75 55.00 1.4
CORPORATION BANK 51.90 51.25 1.3
UCO BANK 34.25 33.90 1.0
UNITED BANK (I) 19.80 19.60 1.0
I O B 25.05 24.80 1.0

First Published: Mon, July 24 2017. 14:45 IST