PSU banks in focus; Bank of India, PNB, Bank of Baroda up over 2%

Oriental Bank of Commerce, Bank of India, Union Bank of India, Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank up 2% to 5% on NSE.

Shares of public sector (PSU) banks have moved higher by 4% on the National Stock Exchange (NSE) after Moody's Investors Service said the outlook for the banking system in India (Baa2 stable) over the next 12-18 months are stable due to strength of economy and weak-but-steady asset quality.

Oriental Bank of Commerce, Bank of India, Union Bank of India, Bank of India, Punjab National Bank (PNB), Bank of Baroda and Canara Bank were trading 2% to 5% higher on the NSE.

At 01:55 pm, Nifty PSU Bank index had moved up 1.2% at 2,949 levels, as compared to