Public sector banks gain; Oriental Bank, Union Bank soar 10%

Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.4 per cent, as compared to 0.48 per cent rise in the benchmark Nifty 50 index at 02:21 pm

Shares of public sector banks (PSBs) rallied up to 10 per cent on the bourses in intra-day trade after Finance Minister Arun Jaitley on Thursday assured government funding support to state-owned banks.

Oriental Bank of Commerce and Union Bank of India soared 10 per cent each at Rs 91.95 and Rs 78.35, respectively, in intra-day trade. State Bank of India (SBI), Syndicate Bank, Bank of India, Punjab National Bank, Bank of Baroda, Vijaya Bank, Dena Bank,  Allahabad Bank, Canara Bank, IDBI Bank and Indian Bank were up in the range of 1 per cent to 6 per cent.

At 02:21