Punjab National Bank: PSU bank bulls roar; PNB, BoB, SBI zoom up

NEW DELHI: PSU bank stocks such as Punjab National Bank (up 30.82 per cent), Bank of Baroda (up 26.51 per cent), Bank of India (up 24.97 per cent), Union Bank of India (up 24.58 per cent) and State Bank of India (up 20.65 per cent) were soaring high in Wednesday’s morning trade on NSE.

The Nifty PSU Bank index was trading 22.74 per cent up at 3,797 around 09:30 am (IST).

Canara Bank (up 19.24 per cent), Oriental Bank of Commerce (up 17.84 per cent), IDBI Bank (up 16.30 per cent), Andhra Bank (up 15.81 per cent) and Syndicate Bank (up 13.49 per cent) were gaining over 12 per cent.

Bank stocks surged after the Centre announced a Rs 2.1-lakh-crore capital infusion plan for state-owned banks and an ambitious road development programme to boost the economy, which it said was “poised for takeoff “after short-term disruption caused by structural reforms.

Equity benchmarks registered a strong opening today, with both Nifty50 and Sensex touching fresh record highs of 10,340.55 and 33117.33, respectively.

Benchmark NSE Nifty50 index was up 68 points at 10,276, while Sensex was 317 points at 32,924 around 9.30 am (IST).

State Bank of India, ICICI Bank, Axis Bank, Larsen & Toubro, ITC and Power Grid Corporation were the top gainers in BSE Sensex.