Bank Stocks Advance, Nifty PSU Bank Rally

Banking-Stocks today

The Nifty PSU Bank index continues to rise to 2,461- level, up 3.46% with the rally in major banking stocks right from the beginning of the market.

The PSU Bank index, which represents 12 banking sector shares on the NSE, opened today at 2,403.65 points and rose over 80 points during the mid-session. Get Nifty Options Tips by just clicking the link.

Shares of Central Bank demonstrated a surge by 9%, Bank of India, Syndicate Bank, State Bank of India, and Oriental Bank of Commerce have so far added up to 4.80 percent gains.

In addition, Canara bank, Indian Bank, Punjab National bank, Union Bank of India, Jammu& Kashmir Bank, Bank of Baroda and Allahabad Bank have advanced between 2 to 3% in range.

In the 50-scrip of the Nifty, 24 shares witnessed buying pressure, while the rest 26 stocks were seen some moderate selling pressure during the day.

Markets have started to rally since the govt reduced the corporate tax rate. In addition, markets are hitting new highs as the Sept quarter results were also in line with market expectations.

ICICI Bank’s stock also touched a new high on Friday. This share price, for the first time in its history, was recorded at Rs509.70

At 11.40-hrs, the Sensex stood at 40465.60, up by 179 points while the Nifty added 44 points to 11916-levels.

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