PSU banks in focus; Oriental Bank, Syndicate Bank up over 5%

Thus far in current week, the PSU bank index rallied nearly 19%, its biggest week gain since May 2009.

Banking shares mainly public sector undertaking (PSUs) were trading higher on the bourses in an otherwise subdued market in noon deal.

Indian Bank (up 8% at Rs 100), Syndicate Bank (7% at Rs 62), Oriental Bank of Commerce (7% at Rs 92), Allahabad Bank (6% at Rs 51) and Punjab National Bank (5.1% at Rs 83) have rallied more than 5% each on the National Stock Exchange (NSE).

State Bank of India (SBI), IDBI Bank, Allahabad Bank, Bank of India, Indian Overseas Bank, Union Bank of India and Canara Bank were up 2%-5%.

At 02:41 pm, Nifty PSU Bank index was up 3.7% as compared to 0.11% rise in the Nifty 50 index and 1.4% gain in Nifty Bank index.

Thus far in current week, the PSU bank index has rallied nearly 19%, its biggest week gain since May 2009, when the index had zoomed 27%. The Nifty Bank and Nifty 50 index gain 11.5% and 6.5%, respectively during the current week.

Major public sector banks could see their capital adequacy ratio (CAR) increasing by 20 to 100 basis points after the Reserve Bank of India eased some rules on Tuesday to boost their capital.  CLICK HERE TO READ FULL REPORT.

Meanwhile, the second edition of a two-day retreat, Gyan Sangam, will outline the reform agenda for the coming year for state-owned banks.  CLICK HERE TO READ FULL REPORT.

Name	26/02/2016	03/03/2016	LTP	% chg*	% chg#
Indian Bank	77.25	92.10	99.90	8.47	29.32
Oriental Bank	78.55	85.50	91.75	7.31	16.80
Syndicate Bank	51.40	57.75	61.75	6.93	20.14
Allahabad Bank	44.05	48.25	51.00	5.70	15.78
Punjab Natl.Bank	72.50	79.10	83.15	5.12	14.69
IDBI Bank	55.65	65.40	68.65	4.97	23.36
I O B	24.05	25.90	27.05	4.44	12.47
Andhra Bank	46.85	50.80	53.00	4.33	13.13
Union Bank (I)	108.65	121.15	126.00	4.00	15.97
Bank of India	83.85	92.85	96.45	3.88	15.03
SBI	156.25	182.50	188.65	3.37	20.74
Canara Bank	161.40	178.45	184.10	3.17	14.06
Bank of Baroda	132.65	145.15	149.10	2.72	12.40
Nifty PSU Bank	2020.65	2312.90	2399.50	3.74	18.75
Nifty Bank	13791.45	15177.75	15386.55	1.38	11.57
Nifty 50	7029.75	7475.60	7483.85	0.11	6.46
LTP : Last traded value at 02:41 PM. * Over previous close,# over Feb 26.