Nifty PSU Bank index zooms 21% on government's Rs 2.11-lakh crore recapitalisation plan

SBI, PNB, Bank of India, Bank of Baroda, Canara Bank and Union Bank of India were up 22% to 36% on the NSE in intra-day trade.

Shares of public sector undertaking (PSU) bank are on a roll with the Nifty PSU Bank index recorded its sharpest intra-day gain of 21%, after the government cleared Rs 2.11 lakh crore bank recapitalisation plan.

Nifty PSU Bank index has zoomed 21.5% to 3,757 points in intra-day trade on the National Stock Exchange (NSE) on Wednesday. At 09:23 AM; Nifty PSU Bank index was up 20% at 3,712 as compared to 2.4% rise in the Nifty Bank index. Nifty Private Bank and the benchmark Nifty 50 index were up 0.7% each.

Punjab National Bank (PNB) soared as