PSU banks rebound; CNX PSU index up 3%

SBI, Oriental Bank of Commerce, Indian Bank, Union Bank, Bank of India and Syndicate Bank are up 3-6% on NSE.

Banking shares mainly public sector undertakings (PSU) have rallied by up to 6%, bouncing back more than 10% from intra-day’s low on the bourses.

State Bank of India (SBI), Oriental Bank of Commerce, Indian Bank, Union Bank of India, Bank of India and Syndicate Bank from PSU banks are trading higher between 3-6% on the National Stock Exchange (NSE).

At 1417 hours, CNX PSU Bank index, the largest gainer among sectoral indices, was up 3% at 4,120 points as compared to a marginal 0.06% decline in the benchmark CNX Nifty. The state-owned bank index has rallied nearly 6% from its intra-day low of 3,899 touched in early morning deal on NSE.

According to Reuters report, state-run insurance giant Life Insurance Corporation of India (LIC) started buying shares. 

Among the individual stocks, Oriental Bank of Commerce has surged 6% to Rs 312, bouncing back 11% from day’s low. It hit a low of Rs 282 during intra-day trade.

Union Bank of India (up 3.4% at Rs 217), SBI (up 3% at Rs 305), Andhra Bank (up 2.7% at Rs 83.85) and Syndicate Bank (up 2.6% at Rs 120) too, recovered more than 9% from their respective intra-day lows.