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Banking shares mainly public sector undertakings (PSU) were trading higher in an otherwise subdued market, with the CNX PSU Bank Index gaining 3% on the National Stock Exchange (NSE).
Oriental Bank of Commerce (OBC), Allahabad Bank, Syndicate Bank, Union Bank of India and Andhra Bank have rallied more than 4% each, while State Bank of India (SBI), Punjab National Bank, Canara Bank, Bank of India, IDBI Bank and Indian Overseas Bank rose 2%-3%.
At 1511 hours, CNX PSU Bank index, the largest gainer among sectoral indices, was up 2.8% compared to 0.06% fall in the CNX Nifty and 0.16% rise in the Bank Nifty.
OBC has soared 10% to Rs 213 after the state-owned bank said that the bank's assets quality improved during the quarter ended March 2015 (Q4) on a sequential basis.
The percentage of gross and net non-performing assets ratios stood at 5.18% and 3.34% during the March 2015 quarter from 5.43% and 3.68% respectively in the December 2014 quarter, the bank said in a statement.
Union Bank of India has surged 6% to Rs 164, extending its 11% rally in the past two days, after bank said its gross net performing assets (NPA) decreased to 4.96% as on March 31, 2015 (Q4FY15) from 5.08% as on December 31, 2014. Net NPA ratio reduced to 2.71% from 2.95% on a sequential basis.
Oriental Bank of Commerce (OBC), Allahabad Bank, Syndicate Bank, Union Bank of India and Andhra Bank have rallied more than 4% each, while State Bank of India (SBI), Punjab National Bank, Canara Bank, Bank of India, IDBI Bank and Indian Overseas Bank rose 2%-3%.
At 1511 hours, CNX PSU Bank index, the largest gainer among sectoral indices, was up 2.8% compared to 0.06% fall in the CNX Nifty and 0.16% rise in the Bank Nifty.
OBC has soared 10% to Rs 213 after the state-owned bank said that the bank's assets quality improved during the quarter ended March 2015 (Q4) on a sequential basis.
The percentage of gross and net non-performing assets ratios stood at 5.18% and 3.34% during the March 2015 quarter from 5.43% and 3.68% respectively in the December 2014 quarter, the bank said in a statement.
Union Bank of India has surged 6% to Rs 164, extending its 11% rally in the past two days, after bank said its gross net performing assets (NPA) decreased to 4.96% as on March 31, 2015 (Q4FY15) from 5.08% as on December 31, 2014. Net NPA ratio reduced to 2.71% from 2.95% on a sequential basis.
