PSU banks extend gains ahead of their meeting with RBI governor

Nifty PSU Bank index surged 2.7% to 3,022, its highest level since September 17, 2018, in intra-day trade on Thursday, rallying 10% from its Tuesday's low of 2,747 on the NSE.

Shares of public sector undertaking (PSU) banks were trading higher for the third straight session on Thursday, with the Nifty PSU Bank index gaining nearly 3% ahead of Reserve Bank of India (RBI) governor Shaktikanta Das's meeting with the heads of the state-owned banks later in the day.

Nifty PSU Bank index has surged 2.7% to 3,022, its highest level since September 17, 2018, on the National Stock Exchange (NSE) in early morning trade. In comparison, the Nifty 50 index was up 0.5% at 10,791 points. The Nifty PSU Bank index has rallied 10% from its Tuesday’s intra-day low level of 2,747, against 4.4% rise in the benchmark index.

State Bank of India (SBI), Indian Bank, Central Bank of India, Union Bank of India, Punjab National Bank (PNB), Andhra Bank, Oriental Bank of Commerce, Bank of India, Bank of Baroda and Canara Bank were up in the range of 1% to 5% today.

Hours after assuming charge as governor of the RBI on Wednesday, Shaktikanta Das spelt out his priorities, asserting that he would uphold the autonomy, credibility and integrity of the “great institution”. Das also said he would extensively consult various stakeholders, including the government, on key issues, the Business Standard reported.

Suggesting his focus on the banking sector, Das said more measures were needed to revive lenders, and that he would meet heads of public sector banks on Thursday. According to banking sources, there is no specific agenda for the meeting, but the concerns over PCA (prompt corrective action) banks, stressed loans and capital adequacy are likely to come up for discussion, added report. CLICK HERE TO READ FULL REPORT

Bank	11/12/2018*	LTP	% chg
Corporation Bank	24.80	28.65	15.52
Bank of India	76.10	87.45	14.91
Oriental Bank	78.55	90.25	14.89
Syndicate Bank	30.10	34.30	13.95
Punjab Natl.Bank	63.35	72.15	13.89
Union Bank (I)	69.10	78.65	13.82
Bank of Maha	12.00	13.65	13.75
Indian Bank	213.00	238.50	11.97
Andhra Bank	25.75	28.80	11.84
Dena Bank	15.35	17.15	11.73
United Bank (I)	9.80	10.90	11.22
Bank of Baroda	103.30	114.80	11.13
Canara Bank	235.00	260.80	10.98
Central Bank	27.70	30.60	10.47
Allahabad Bank	43.10	47.50	10.21
Pun. & Sind Bank	25.75	28.35	10.10
UCO Bank	17.65	19.25	9.07
St Bk of India	268.35	292.55	9.02
Vijaya Bank	40.50	43.65	7.78
I O B	13.80	14.85	7.61
IDBI Bank	59.90	61.45	2.59
*Intra-day low price on December 11, 2018
LTP : Latest price on NSE at 09:57 am
Price in Rs