PSU Bank index up 4% ahead of FM press conference; SBI nears record high

A media report said the FM is expected to make announcements about a proposal to set up a bad bank

Shares of public sector undertaking (PSU) banks were in focus on Thursday with the Nifty PSU Bank index gaining 4 per cent on the National Stock Exchange (NSE) ahead of Finance Minister Nirmala Sitharaman’s media address at 5 pm today. According to media reports, Sitharaman is expected to make announcements about a proposal to set up a bad bank.

At 12:37 pm, the Nifty PSU Bank index, the top gainer among sectoral indices, was up 4 per cent at 2,506, as compared to a 0.34 per cent rise in the Nifty50 index. The PSU bank index hit a high