Central Bank, Union Bank up 2% in a weak market; Canara Bank hits 52-wk low

So far in CY2019, the Nifty PSB index has underperformed the benchmark Nifty50. The former has plunged 24 per cent YTD, as against a 0.6 per cent decline in the latter.

After a sharp slide in the bank stocks, especially the public sector banks, on Tuesday, Nifty PSU Bank index was trading over 1 per cent higher on the NSE on Wednesday. Shares of Union Bank of India, State Bank of India, Central Bank of India, Bank of Baroda, Syndicate Bank, and Allahabad Bank gained 1 to 3 per cent in the intra-day trade. 
 

While shares of Syndicate bank jumped 3 per cent in the morning deals, it erased the gains to slip to an equal percentage. At the time of writing of this report, the stock was trading 1.25 per