PNB peaks on foreign fund buying

DALAL STREET SPIKES

Punjab National Bank (PNB) hit an all-time high of Rs 303.45 on sustained FII buying. According to market sources, one FII is believed to have acquired two lakh shares in the morning trades which triggered further buying interest in the counter.

The stock closed at its all-time high of Rs 303.45 with volumes accounting for more than 18.31 lakh shares at the BSE.

According to a fund manager with a domestic mutual fund, the banking sector is back in action with a lot of fund-based buying happening in selected stocks.

PNB has been in the limelight for some time now with the stock appreciating nearly 31 per cent from Rs 234 on February 24 to today's close of Rs 303.35.

There are also rumours doing rounds in the markets that the IFCI-PNB merger might not materialize which will benefit the state-run bank.