PSU (Public Sector Unit) banking stocks witnessed a sharp rally in late afternoon trade on Wednesday after Prime Minister Narendra Modi in the parliament highlighted the strong performance of the sector (overall PSU) in the last few months and years. PM Modi said that people’s confidence is rapidly improving in PSU companies in his address in Rajya Sabha today.
Boosting investor sentiment further, addressing the house today, PM Modi also highlighted that the overall net worth of PSU companies has now surpassed over Rs 17 lakh crore and is now at levels no one has even seen before.
Shares of SBI (State Bank of India) surged around 4% in trade to hit an intraday high of Rs 677.95 on the NSE. Shares of other PSU banks like IOB, UCO Bank, Central Bank of India, Bank of Maharashtra and Canara Bank gained anywhere between 7-20% in trade today. The overall Nifty PSU Bank index jumped 2.8%, being the top sectoral gainer in an otherwise volatile market.
The Nifty ended the session flat at 21,930.50, while the Sensex ended lower with a negative bias of 34 points at 72,152. Nifty Bank ended higher by 127.70 points at 45,818.90.
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