Shares of seventeen state-run banks rose by 0.24% to 2.9% at 12:46 IST on BSE after Finance Minister Nirmala Sitharaman proposed recapitalisation plan for the public sector banks in the budget 2019-20.
Most public sector bank shares rose. Corporation Bank (up 2.9%), Bank of Baroda (up 1.82%), Central Bank of India (up 1.44%), Punjab & Sind Bank (up 1.3%), Andhra Bank (up 1.26%), Allahabad Bank (up 1.19%), Canara Bank (up 1.17%), UCO Bank (up 1.03%), Bank of India (up 0.95%), Syndicate Bank (up 0.85%), State Bank of India (up 0.84%)Indian Bank (up 0.75%), United Bank of India (up 0.55%) and Punjab National Bank (up 0.24%) advanced.
IDBI Bank (down 1.86%), Union Bank of India (down 0.41%) and Bank of Maharashtra (down 0.3%) declined.
Meanwhile, the S&P BSE Sensex was down by 56.68 points, or 0.14% to 39,851.38.
Presenting her maiden budget in Lok Sabha, Finance Minister Nirmala Sitharman said that the government proposes Rs 70,000 crore PSU bank recapitalisation plan. The finance minister further added that PSU banks will get limited credit guarantee for investment in high-rated NBFCs.
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