SBI, Bank of Maharashtra: PSU bank stocks are showing a breakout formation

Shares of public sector banks were in focus on Wednesday, rallying up to 6 per cent on the National Stock Exchange (NSE) in intraday deals. Among individual stocks, Punjab National Bank jumped 5.2 per cent to Rs 34.6 apiece on the NSE in the intra-day trade.

The rally comes on reports that Prime Minister Narendra Modi’s office has asked officials to speed up the process of trimming government stakes in at least four primarily state-owned banks within the current fiscal year.