Nifty PSU Bank index surges again, SBI hits all-time high
DSIJ Intelligence / 26 Oct 2017
The share prices of public sector banks surged on the bourses during Thursday’s trade for a consecutive session after Finance Minister Arun Jaitley announced government’s ambitious recapitalisation plan worth Rs. 2.11 lakh crore for the government banks.
The share prices of public sector banks surged on the bourses during Thursday’s trade for a consecutive session after Finance Minister Arun Jaitley announced government’s ambitious recapitalisation plan worth Rs. 2.11 lakh crore for the government banks.
Following the announcement, which provides vital capital to PSBs struggling with NPA issues, Nifty PSU Bank witnessed a rally, gaining over 8 per cent at 4,335 in early trade on Thursday. The index was up by 30 per cent on Wednesday, hitting its highest since January 29, 2015. The index had touched its all-time high of 4,639 on April 27, 2011.
State Bank of India was the top gainer on the index, higher by 8 per cent at Rs. 351.50 per share in intraday trade. The bank also hit its all-time high, following its Wednesday’s surge of around 28 per cent on BSE. The other banks that hit their 52-week highs included Bank of India, Bank of Baroda and Punjab National Bank, higher by 3 to 8 per cent in Thursday’s trade.
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