PSBs rally on privatisation buzz; Nifty PSU Bank index up 2%; PNB gains 4%

Canara Bank, Bank of Maharashtra, Bank of Baroda, and State Bank of India surged between 2.6 per cent and 6 per cent in the intra-day trade today

Shares of public sector banks were trading higher, in an otherwise range-bound market, rallying up to 6 per cent on the National Stock Exchange (NSE). At close, the Nifty PSU Bank index ended 2.36 per cent higher, having zoomed 3.2 per cent in the intra-day trade. 

Among individual stocks, Punjab National Bank jumped 5.2 per cent to Rs 34.6 apiece on the NSE in the intra-day trade. According to media reports, the US Bankruptcy court has recognised the claim of Punjab National Bank on proceeds of any asset sold by the American debtors of Nirav Modi entities.

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