Nifty PSU Bank index hits over two-year high; SBI hits fresh 52-week high

BoB, BOI, Oriental Bank, Canara Bank, Indian Bank and PNB among 17 banks hit 52-week highs

Shares of public sector undertaking (PSU) banks were trading higher for the third straight trading sessions as the cabinet approved an ordinance to amend the Banking Regulation Act to tackle the mounting non-performing assets (NPAs) of public sector banks.

At 11:21 am; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.2% at 3,902, extending its Thursday’s 3.4% surge on the National Stock Exchange (NSE). On comparison, Nifty Private Bank index was up 0.06%, while the benchmark Nifty 50 index down 0.41%. The Nifty PSU Bank index is trading at its highest level since March 4,