 "PSU banks in focus; Bank of India, Bank of Baroda surge 5%")
Banking shares mainly public sector undertakings (PSU) have moved higher by up to 5% on the bourses after the Economic Survey 2014-15 tabled in the parliament today forecasted FY16 GDP growth between 8.1% and 8.5%.
Bank of India, Bank of Baroda and Union Bank of India have rallied 5% each, while Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, Allahabad Bank and IDBI Bank surged 4% each on the National Stock Exchange (NSE).
State Bank of India, Punjab National Bank, Syndicate Bank and Andhra Bank were up 3-4%.
At 1227 hours, CNX PSU Bank index was up 3% compared to 1% rise in benchmark CNX Nifty.
The survey, tabled in Parliament today, saw FY15 GDP growth seen at 7.4%. It estimated the CAD at 1.3% of GDP in FY15. CLICK HERE FOR FULL REPORT.
Bank of India, Bank of Baroda and Union Bank of India have rallied 5% each, while Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, Allahabad Bank and IDBI Bank surged 4% each on the National Stock Exchange (NSE).
State Bank of India, Punjab National Bank, Syndicate Bank and Andhra Bank were up 3-4%.
At 1227 hours, CNX PSU Bank index was up 3% compared to 1% rise in benchmark CNX Nifty.
The survey, tabled in Parliament today, saw FY15 GDP growth seen at 7.4%. It estimated the CAD at 1.3% of GDP in FY15. CLICK HERE FOR FULL REPORT.