Nifty PSU Bank index surges 5%; Canara Bank, BoB, Indian Bank gain over 5%

According to reports, the Centre is likely to tell the Indian Banks' Association (IBA) to set up its proposed "bad bank" with financial support from banks

Shares of public sector banks (PSU) were in focus on Wednesday in an otherwise range-bound market with the Nifty PSU Bank index surging 5 per cent on the National Stock Exchange (NSE).

At 11:10 am, Nifty PSU Bank index, the top gainer among sectoral indices, was up 4.7 per cent, as compared to 0.05 per cent decline in Nifty 50 index. Nifty Bank and Nifty Private Bank index were up 1 per cent each on the NSE.

Indian Bank, Bank of Baroda, Canara Bank and Bank of Maharashtra were up in the range of 6 per cent to