PSU banks gain for second straight day; Corp Bank, Bank of India up over 3%

Nifty PSU Bank index was up 1.3% at 2,919 at 09:24 am, rallying 6% from its Tuesday's intra-day low level of 2,747.

Shares of public sector undertaking (PSU) banks were in focus on Wednesday, with Nifty PSU Bank index gaining 1% and extending its 2.6% gain in the previous session, on hopes of relaxation of Prompt Corrective Action (PCA) norms for the state-owned banks. The government appointed Shaktikanta Das as the new governor of the Reserve Bank of India (RBI) on Tuesday after market hours.

Corporation Bank, Bank of Maharashtra, United Bank of India, Indian Overseas Bank, Dena Bank, Bank of India, Central Bank of India and UCO Bank were up in the range of 3% to 6% on the National