PSBs in focus; SBI hits new high, Canara, Indian Bank hit 52-week highs

Indian Bank, Union Bank of India, Canara Bank and Bank of Baroda soared between 25 per cent and 49 per cent in the past one month

Shares of public sector banks (PSBs) were in focus on Monday with State Bank of India (SBI) hitting a new high, while Canara Bank and Indian Bank hitting their respective 52-week highs in the intra-day trade on expectation of strong earnings for the quarter ended September 2021 (Q2FY22).

The Nifty PSU Bank index hit a record high of 2,914.05, surpassing its previous high of 2,883.75, touched on October 22, 2021. At 12:20 pm, the Nifty PSU Bank index was up 2.3 per cent, as compared to a 0.28 per cent rise in the Nifty50 index.

In the past