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Nifty PSU Bank index hits over four-month high

United Bank of India, Central Bank of India, Bank of Maharashtra and Indian Bank hits six-month high on NSE.

Bs_logoNifty PSU Bank index hits over four-month high
SI Reporter Mumbai
Last Updated : Jun 21 2016 | 12:11 PM IST
Shares of public sector undertaking (PSU) banks extended gains for the sixth straight trading session with the Nifty PSU Bank index quoting over four-month high on the National Stock Exchange (NSE).

Nifty PSU Bank index hit intra-day high of 2,686 on Tuesday, its highest level since January 8, 2016. In the past six trading sessions, since June 13, PSU bank index has rallied 8% after the Reserve Bank of India (RBI) came out with a scheme for resolution of bad loans of large projects wherein a portion of the debt will be converted into equity or other instruments. The Nifty 50 index gained 1.4%, while Nifty Bank index up 0.51% during the same period.

United Bank of India, Central Bank of India, Bank of Maharashtra, Indian Bank, Punjab & Sindh Bank, Vijaya Bank, State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner & Jaipur were hit their respective six-month highs in past two trading sessions during intra-day trade on the NSE.

At 11:34 AM, Canara Bank, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Syndicate Bank and Bank of India were up more than 1% each, against 0.18% decline in the benchmark index.

According to Economic Times reports, a change of leadership at the RBI could prompt the government to seek a release of large piles of cash with the central bank. It may then redeploy the funds in state-run banks, which need more equity infusion in the wake of unprecedented losses on account of rising bad debt. LINK

Bank 52-week low 13/06/2016 LTP % chg* %chg#
St Bk of Mysore 349.00 452.90 667.25 47.33 91.19
St Bk of Bikaner 451.05 499.05 664.85 33.22 47.40
Indian Bank 75.30 105.45 138.80 31.63 84.33
St Bk of Travancore 360.00 392.20 515.95 31.55 43.32
United Bank (I) 16.05 18.10 22.90 26.52 42.68
Dena Bank 25.60 29.40 36.90 25.51 44.14
Central Bank 47.90 87.85 107.75 22.65 124.95
PNB 69.25 83.00 98.60 18.80 42.38
Vijaya Bank 28.20 31.25 36.60 17.12 29.79
Allahabad Bank 39.40 52.05 60.70 16.62 54.06
Oriental Bank 75.15 89.25 103.80 16.30 38.12
Bank of Maha 26.05 28.90 33.45 15.74 28.41
Corporation Bank 31.05 35.20 40.10 13.92 29.15
Andhra Bank 41.80 49.95 56.00 12.11 33.97
Canara Bank 156.00 192.65 215.70 11.96 38.27
Bank of India 78.40 87.30 97.55 11.74 24.43
Syndicate Bank 49.40 65.95 73.15 10.92 48.08
Pun. & Sind Bank 31.65 44.35 49.05 10.60 54.98
UCO Bank 27.40 36.20 39.75 9.81 45.07
Union Bank (I) 104.00 118.55 129.30 9.07 24.33
IDBI Bank 47.25 66.45 71.75 7.98 51.85
IOB 20.85 25.80 27.70 7.36 32.85
St Bk of India 148.25 201.80 216.20 7.14 45.83
J & K Bank 56.20 64.65 68.80 6.42 22.42
Bank of Baroda 109.35 146.10 152.45 4.35 39.41
           
Nfity PSU Bank 1894.00 2478.75 2679.70 8.11 41.48
Nifty 50 6825.80 8110.60 8228.30 1.45 20.55
           
LTP : Last traded price on NSE in Rs at 11:51 AM
* Change over June 13, 2016
# Change over 52-week low

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First Published: Jun 21 2016 | 12:03 PM IST

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