Nifty PSU Bank SBI

The PSBs have a relatively higher share of exposure in the SME segment, and thus, asset quality should remain under pressure in the near term, according to Motilal Oswal Securities.

In the past two trading days, Nifty PSU Bank index slipped nearly 5 per cent, against 1 per cent decline in the Nifty 50 index

In effect, higher liquidity would pull the yields down. This, in turn, would mean higher treasury profits on the bond portfolios for banks.

Since November 15, Nifty PSU Bank index has surged 14 per cent on hopes that the Supreme Court ruling in Essar Steel case should pave the way for a lumpy recovery for banks in Q3.

Corporation Bank has rallied 82 per cent in four days from Rs 15.70 to Rs 28.50.

On Friday, the government came up with an interim framework for resolving financial stress in financial service providers (FSPs) through a structured resolution and liquidation proceedings.

According to reports, while pronouncing the judgement, the Court set aside the NCLAT's judgment and said there was "no doubt that the ultimate discretion on distribution is with Committee of Creditors

In the past week, United Bank of India & Central Bank of India have rallied the most, up 43% and 37%, respectively, while Syndicate Bank, Andhra Bank, UCO Bank & Corporation Bank have gained up to 22%

SBI, BOB, J&K Bank, Indian Bank, Allahabad Bank, Oriental Bank of Commerce, Bank of India and Canara Bank were down more than 3% in intra-day trade.

Shares of State Bank of India (SBI) hit a new high of Rs 373, up 2 per cent on the NSE in the intra-day trade.

Corporation Bank, United Bank of India, Uco Bank, Central Bank of India, Union Bank of India, Bank of India, Canara Bank and Indian Overseas Bank were up in the range of 6 to 8 per cent.

SBI has a strong relevance of 200-weekly moving average (WMA), as it has never been decisively broken in the last one year

Nifty PSU Bank index, the largest sectoral gainer, was up 2.6% at 3,192 levels, trading at its highest level since September 6, 2018, on the National Stock Exchange.

UCO Bank, Dena Bank, Bank of Maharashtra, Indian Bank and Corporation Bank were trading higher by up to 11%.

United Bank of India, Union Bank of India, Corporation Bank, Indian Bank, OBC, BOI, BOB, Central Bank of India and SBI were up more than 1% on NSE.

In past six trading days, Nifty PSU Bank index up 7% against 3% rise in the benchmark index.

Nifty PSU Bank index was up 4% at 2,890 at 12:15 PM; surging 12% in past two trading days, as compared to 2% rise in Nifty 50 index.

SBI, Bank of India, Indian Bank, Union Bank, Oriental Bank of Commerce, Bank of India, Union Bank of India, Punjab National Bank, Bank of Baroda and Syndicate Bank were up in the range of 6% to 12%.

SBI, IDBI Bank, PNB, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce and Canara Bank were up in the range of 2% to 5% on the NSE.

SBI rallied 3.5% to Rs 320, its highest level since January 25, 2018 ahead of its April-June quarter (Q1FY19) results on Friday, August 10, 2018.