PSBs extend rally; Nifty PSU bank surges 13% in six days

Oriental Bank of Commerce, Union Bank of India, Punjab National Bank, Syndicate Bank, Indian Bank and Canara Bank were up in the range of 5% to 8%.

Shares of public sector banks (PSBs) were trading higher for the sixth straight trading days with Nifty PSU Bank gaining more than 10% during the period on the back of expectations of an improvement in the asset quality going ahead.

At 01:31 pm; Nifty PSU Bank index was up 2.2% at 3,014, surging 13.4% from 2,657 on May 18, 2018, as compared to 0.89% rise in the Nifty 50 index during the period.

Shares of Oriental Bank of Commerce, Union Bank of India, Punjab National Bank, Syndicate Bank, Indian Bank and Canara Bank were up in the range