 "Bank stocks rally; Nifty PSU Bank index up 5%")
Banking stocks mainly public sector undertakings (PSU) have rallied by up to 8% on the bourses after a media report suggests that the Reserve Bank of India (RBI) has trimmed the list of debt-laden companies for loan provisioning in the fourth quarter ended March 31, 2016.
Among the individual banks, Punjab National Bank (PNB) has soared 8% to Rs 91, followed by Oriental Bank of Commerce (Rs 100), Bank of Baroda (Rs 162) and Allahabad Bank (Rs 62) rallied 6% each on the National Stock Exchange (NSE).
State Bank of India (SBI), Union Bank of India, Canara Bank, Bank of India, Andhra Bank and Syndicate Bank were up 4%-6%.
At 10:17 am, Nifty PSU Bank index, the largest gainer among sectoral indices, surges 5% as compared to 0.65% rise in the benchmark Nifty 50 and 2.4% gain in Nifty Bank index.
Among the individual banks, Punjab National Bank (PNB) has soared 8% to Rs 91, followed by Oriental Bank of Commerce (Rs 100), Bank of Baroda (Rs 162) and Allahabad Bank (Rs 62) rallied 6% each on the National Stock Exchange (NSE).
State Bank of India (SBI), Union Bank of India, Canara Bank, Bank of India, Andhra Bank and Syndicate Bank were up 4%-6%.
At 10:17 am, Nifty PSU Bank index, the largest gainer among sectoral indices, surges 5% as compared to 0.65% rise in the benchmark Nifty 50 and 2.4% gain in Nifty Bank index.
Among the private sector banks, ICICI Bank has rallied 7% to Rs 255, while Federal Bank (Rs 45) and Axis Bank (Rs 471) up 3% each.
According to Economic Times report, in a late evening communication on Wednesday, RBI told banks individually that they don't have to provide in the March quarter for outstanding loans to 20 firms, including Jaiprakash Associates and Coastal Energen, out of the 150 it had listed in December. The decision was prompted partly by the steps taken by companies to cut debt.
