Select PSU banks gain on capital infusion by government
SBI, Canara Bank, Indian Overseas Bank, IDBI Bank and Bank of Baroda were trading higher by up to 3% on NSE.
 "Select PSU banks gain on capital infusion by government")
Shares of select public sector undertaking (PSU) banks were trading higher, recovering from their early morning losses, after the government on Tuesday said it is releasing Rs 22,915 crore to recapitalise 13 public sector banks. The sum is about 92% of the budgeted provision of Rs 25,000 crore. LINK
State Bank of India (SBI), Canara Bank, Indian Overseas Bank, IDBI Bank and Bank of Baroda were trading higher by up to 3% on the National Stock Exchange (NSE).
At 01:27 PM, the Nifty PSU Bank index was up 0.38% at 2,911, as compared to 0.18% fall each in the Nifty 50 index and Nifty Bank index. Post announcements, the PSU Bank index hit high of 2,949, rebounds nearly 3% from its early morning low of 2,868.
Since the presentation of the Union Budget the Nifty PSU Bank index outperform the market by surging 42% against 21% rise in the benchmark Nifty 50.
State Bank of India (SBI), Canara Bank, Indian Overseas Bank, IDBI Bank and Bank of Baroda were trading higher by up to 3% on the National Stock Exchange (NSE).
At 01:27 PM, the Nifty PSU Bank index was up 0.38% at 2,911, as compared to 0.18% fall each in the Nifty 50 index and Nifty Bank index. Post announcements, the PSU Bank index hit high of 2,949, rebounds nearly 3% from its early morning low of 2,868.
Since the presentation of the Union Budget the Nifty PSU Bank index outperform the market by surging 42% against 21% rise in the benchmark Nifty 50.