Punjab & Sind Bank hit an upper circuit of 10% at Rs 40.90, extending gains for the fourth trading session.
Shares of Punjab & Sind Bank surged 42.26% in four consecutive sessions.On the BSE, 19.24 lakh shares were traded in the counter so far compared with average daily volumes of 19.63 lakh shares in the past two weeks.
The stock was currently frozen at its 52-week high level of Rs 40.90. The stock hit a 52-week low of Rs 12.50 on 21 June 2022.
The stock had outperformed the market over the past one month, advancing 122.89% compared with 1.11% rise in the Sensex.
The counter had outperformed the market in past one quarter, surging 149.39% as against Sensex's 3.16% rise.
The scrip had also outperformed the market in past one year, rising 138.48% as against Sensex's 7.21% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 91.441. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 19.81, 17.62 and 16.49 respectively.
Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. GoI's ownership stood at 98.25% as on 30 September 2022.
The bank's standalone net profit jumped 27.4% to Rs 278.10 crore on 6.2% rise in total income to Rs 2120.17 crore in Q2 FY23 over Q2 FY22.
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