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PSU bank stocks recover early losses; end up to 10% higher

Press Trust of India  |  New Delhi 

bounced back from early losses to end with gains of up to 10 per cent.

IDBI soared 10.22 per cent, 6.08 per cent, 4.72 per cent, 4.07 per cent, 3.55 per cent, 3.01 per cent, 2.91 per cent and 0.82 per cent on BSE.

Shares of also rose by 1.38 per cent after falling 4.74 per cent during the day.

All these stocks had fallen in the morning trade but recovered later during the trading session.

"Market traded in a range bound manner due to mixed trend in global market, but recouped the losses as stocks outperformed due to improvement in financial market liquidity," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

"... the PSU basket came back smartly and eventually managed to lift the traders' sentiments to reclaim the 10,400 mark," said Sameet Chavan, Chief Analyst-Technical and Derivatives,

RBI yesterday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by and his uncle for allegedly committing India's biggest

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 18:35 IST