Nifty PSU Bank index hits over four-month high
United Bank of India, Central Bank of India, Bank of Maharashtra and Indian Bank hits six-month high on NSE.
 "Nifty PSU Bank index hits over four-month high")
Shares of public sector undertaking (PSU) banks extended gains for the sixth straight trading session with the Nifty PSU Bank index quoting over four-month high on the National Stock Exchange (NSE).
Nifty PSU Bank index hit intra-day high of 2,686 on Tuesday, its highest level since January 8, 2016. In the past six trading sessions, since June 13, PSU bank index has rallied 8% after the Reserve Bank of India (RBI) came out with a scheme for resolution of bad loans of large projects wherein a portion of the debt will be converted into equity or other instruments. The Nifty 50 index gained 1.4%, while Nifty Bank index up 0.51% during the same period.
United Bank of India, Central Bank of India, Bank of Maharashtra, Indian Bank, Punjab & Sindh Bank, Vijaya Bank, State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner & Jaipur were hit their respective six-month highs in past two trading sessions during intra-day trade on the NSE.
At 11:34 AM, Canara Bank, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Syndicate Bank and Bank of India were up more than 1% each, against 0.18% decline in the benchmark index.
According to Economic Times reports, a change of leadership at the RBI could prompt the government to seek a release of large piles of cash with the central bank. It may then redeploy the funds in state-run banks, which need more equity infusion in the wake of unprecedented losses on account of rising bad debt. LINK
Nifty PSU Bank index hit intra-day high of 2,686 on Tuesday, its highest level since January 8, 2016. In the past six trading sessions, since June 13, PSU bank index has rallied 8% after the Reserve Bank of India (RBI) came out with a scheme for resolution of bad loans of large projects wherein a portion of the debt will be converted into equity or other instruments. The Nifty 50 index gained 1.4%, while Nifty Bank index up 0.51% during the same period.
United Bank of India, Central Bank of India, Bank of Maharashtra, Indian Bank, Punjab & Sindh Bank, Vijaya Bank, State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner & Jaipur were hit their respective six-month highs in past two trading sessions during intra-day trade on the NSE.
At 11:34 AM, Canara Bank, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Syndicate Bank and Bank of India were up more than 1% each, against 0.18% decline in the benchmark index.
According to Economic Times reports, a change of leadership at the RBI could prompt the government to seek a release of large piles of cash with the central bank. It may then redeploy the funds in state-run banks, which need more equity infusion in the wake of unprecedented losses on account of rising bad debt. LINK
| Bank | 52-week low | 13/06/2016 | LTP | % chg* | %chg# |
| St Bk of Mysore | 349.00 | 452.90 | 667.25 | 47.33 | 91.19 |
| St Bk of Bikaner | 451.05 | 499.05 | 664.85 | 33.22 | 47.40 |
| Indian Bank | 75.30 | 105.45 | 138.80 | 31.63 | 84.33 |
| St Bk of Travancore | 360.00 | 392.20 | 515.95 | 31.55 | 43.32 |
| United Bank (I) | 16.05 | 18.10 | 22.90 | 26.52 | 42.68 |
| Dena Bank | 25.60 | 29.40 | 36.90 | 25.51 | 44.14 |
| Central Bank | 47.90 | 87.85 | 107.75 | 22.65 | 124.95 |
| PNB | 69.25 | 83.00 | 98.60 | 18.80 | 42.38 |
| Vijaya Bank | 28.20 | 31.25 | 36.60 | 17.12 | 29.79 |
| Allahabad Bank | 39.40 | 52.05 | 60.70 | 16.62 | 54.06 |
| Oriental Bank | 75.15 | 89.25 | 103.80 | 16.30 | 38.12 |
| Bank of Maha | 26.05 | 28.90 | 33.45 | 15.74 | 28.41 |
| Corporation Bank | 31.05 | 35.20 | 40.10 | 13.92 | 29.15 |
| Andhra Bank | 41.80 | 49.95 | 56.00 | 12.11 | 33.97 |
| Canara Bank | 156.00 | 192.65 | 215.70 | 11.96 | 38.27 |
| Bank of India | 78.40 | 87.30 | 97.55 | 11.74 | 24.43 |
| Syndicate Bank | 49.40 | 65.95 | 73.15 | 10.92 | 48.08 |
| Pun. & Sind Bank | 31.65 | 44.35 | 49.05 | 10.60 | 54.98 |
| UCO Bank | 27.40 | 36.20 | 39.75 | 9.81 | 45.07 |
| Union Bank (I) | 104.00 | 118.55 | 129.30 | 9.07 | 24.33 |
| IDBI Bank | 47.25 | 66.45 | 71.75 | 7.98 | 51.85 |
| IOB | 20.85 | 25.80 | 27.70 | 7.36 | 32.85 |
| St Bk of India | 148.25 | 201.80 | 216.20 | 7.14 | 45.83 |
| J & K Bank | 56.20 | 64.65 | 68.80 | 6.42 | 22.42 |
| Bank of Baroda | 109.35 | 146.10 | 152.45 | 4.35 | 39.41 |
| Nfity PSU Bank | 1894.00 | 2478.75 | 2679.70 | 8.11 | 41.48 |
| Nifty 50 | 6825.80 | 8110.60 | 8228.30 | 1.45 | 20.55 |
| LTP : Last traded price on NSE in Rs at 11:51 AM | |||||
| * Change over June 13, 2016 | |||||
| # Change over 52-week low | |||||