Nifty PSU Bank index up 47% in Feb on improved earnings, privatisation buzz

Indian Overseas Bank, Central Bank of India, Bank of Maharashtra, Bank of India, and Punjab & Sind Bank have seen their share price zoom between 53 per cent and 80 per cent in the last week

Shares of public sector undertaking (PSU) banks continued their upward movement with the Nifty PSU Bank index hitting a fresh 52-week high of 2,661 on the National Stock Exchange (NSE) in Friday's intra-day deals on amid improved earnings and privatisation hope.

Thus far in the month of February, the Nifty PSU Bank index has zoomed 47 per cent, as compared to 10.4 per cent rise in the Nifty50 index. During the current week, the PSU Bank index has surged 20 per cent, against 0.7 per cent decline in the benchmark index.

Indian Overseas Bank, Central Bank of India,