Nifty PSU Bank index rallies 4% ahead of PM Narendra Modi's review meeting

UCO Bank, Central Bank of India and Bank of Maharashtra surged more than 5%, while Bank of India, Union Bank of India, PNB, IOB, Bank of Baroda and SBI were up in the range of 2% to 4% on the NSE

Shares of public sector banks were in focus on Wednesday ahead of Prime Minister Narendra Modi's scheduled meeting with the chief executives of state-owned and private banks. Nifty PSU Bank index gained as much as 3.7 per cent in an otherwise subdued market in the intra-day trade today, while Nifty Bank index added 1 per cent.

At 12:27 pm, Nifty PSU Bank index was up 3.3 per cent, as compared to 0.18 per cent decline in the Nifty50 index. Nifty Bank and Nifty Private Bank indices, on the other hand, were up 1 per cent each.

UCO Bank, Central Bank of India