PSU Bank extends gain; PNB, Allahabad Bank up 3%

PNB, Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda, Union Bank of India, Bank of India and Canara Bank were up in the range of 1% to 4% on the NSE

Shares of public sector bank were in focus for the second straight day with Nifty PSU Bank index nearly 1%, extending its Thursday’s 5% surge, after the Reserve Bank of India (RBI) maintained status quo on the key short-term borrowing rate in its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on Thursday.

Punjab National Bank (PNB), Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda, Union Bank of India, Bank of India and Canara Bank were up in the range of 1% to 4% on the National Stock Exchange (NSE).

Nifty PSU Bank index was