PSU banks rally; Nifty PSU Bank index up 5%

SBI, BOB, Oriental Bank of Commerce, Union Bank of India, Andhra Bank, Bank of India, Canara Bank and Allahabad Bank were up in the range of 5% to 7% on the NSE.

Shares of public sector undertaking (PSU) banks were in focus with Nifty PSU Bank index gaining 5%, its sharpest intra-day gain during past one month on the National Stock Exchange (NSE).

At 11:13 am; Nifty PSU Bank index, the largest sectoral index, was up 4.9% at 2,844, as compared to 0.73% rise in the Nifty 50 index. The index surged 5.1% in intra-day deal, recorded its biggest intra-day trade since March 26, 2018, when it was up 5.4%.

State Bank of India (SBI), Oriental Bank of Commerce, Union Bank of India, Andhra Bank, Bank of India, Canara Bank,