Shares of public sector banks rose by 0.27% to 10.03% after reports suggested possible merger of public sector banks.
The media reported that the department of financial services in the finance ministry has called a meeting today with chief executives of ten public sector banks. The banks invited for the meeting are Union Bank of India, Canara Bank, Punjab National Bank, United Bank, Oriental Bank of Commerce, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank. The government is likely to announce merger of multiple public sector banks, the reports added.
Finance Minister Nirmala Sitharaman will address a press briefing at 4 p.m. today.
United Bank of India (up 10.03%), Syndicate Bank (up 7.44%), Andhra Bank (up 6.85%), UCO Bank (up 6.42%), Bank of Maharashtra (up 6.37%), Central Bank of India (up 5.53%), Allahabad Bank (up 3.85%), Punjab & Sind Bank (up 3.46%), IDBI Bank (up 0.57%), Indian Bank (up 0.55%) and Corporation Bank (up 0.27%) advanced.
Union Bank of India (down 1.93%), State Bank of India (down 1.4%), Punjab National Bank (down 1.38%), Bank of India (down 1.14%), Canara Bank (down 0.72%), Bank of Baroda (down 0.49%) declined.
Meanwhile, the S&P BSE Sensex was up 151.87 points or 0.41% to 37,220.80. The S&P BSE Bankex rose 41.85 points or 0.14% to 30,819.46.
On the NSE, the Nifty PSU Bank index added 11.6 points or 0.47% to 2,461.05.
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