PSBs extend gain on privatisation hope; Indian Bank surges 37% in 4 days

In past four trading days, Nifty PSU Bank index has rallied 18 per cent as compared to a 9 per cent gain in the benchmark Nifty50

Shares of public sector banks (PSBs) continued their upward movement for the fourth straight day on Thursday after the government on Monday announced plans to privatise two PSU banks in the financial year 2021-22 (FY22).

At 02:18 pm, Nifty PSU Bank index was up 3 per cent as compared to a less than 1 per cent gain each in Nifty50, Nifty Bank and Nifty Private Bank indices. In the past four trading days, Nifty PSU Bank index has rallied 18 per cent as compared to a 9 per cent gain in the benchmark Nifty50.

Indian Bank hit a 52-week high of Rs