The Nifty PSU Bank index gained 2% on Tuesday amid heavy buying in stocks of Bank of India, Canara Bank, Bank of Baroda, and IDBI Bank.
According to media reports, the government has indicated that it will finalize the infusion of over Rs54,000cr into public sector banks (PSBs) once their results for the December quarter are out in February. The move is part of the government’s proposed Rs1.06 lakh cr fund infusion into capital-starved PSBs in FY19 against Rs88,139cr a year before.
Shares of Bank of India gained 7% and was the top gainer on the index, while shares of Canara Bank also contributed to the gains by rising 5%. PNB, Syndicate, and Union Bank also rose 3% each.
Meanwhile, equity benchmark indices were trading lower in noon trade on Tuesday with the Sensex slipping 69 points to 35,587 and the Nifty losing 10 points to trade at 10,651.
Shares of Bank of Baroda and Oriental Bank of Commerce jumped 4-3%, respectively, ahead of their Q3FY19 numbers.
Stock view:
Punjab National Bank share price is currently at Rs78.25 up by Rs2.2 or 2.89% from its previous closing of Rs76.05 on the BSE.
State Bank of India share price is currently at Rs284.80 up Rs3.2 or 1.14% from its previous closing of Rs281.60 on the BSE.
Union Bank of India share price is currently at Rss80.70, up Rs2.4 or 3.07% from its previous closing of Rs78.30 on the BSE.
Central Bank of India share price is currently trading at Rs31.25 up by Rs0.35 or 1.13% from its previous closing of Rs30.90 on the BSE.
Related Story
No comments