PSU Bank Stock Up on Govt Recap Buzz

Nifty-PSU-Bank

Mid-Market Watch on Stocks: PSU Banks, Financial Service stocks lead a market rally today boosted by the govt’s steps of liquidity boosting and roll-back of the enhanced tax surcharge on FPIs, which was announced on Friday.

During mid-session, the Nifty PSU Bank index continued rise with all constituents of the index were trading in profit, with Central Bank of India and Indian Bank rising over 7% each followed by Allahabad Bank and Oriental Bank 5%.

Meanwhile, J&K Bank, Banka of India, Union Bank, PNB, Syndicate bank, Canara bank, Bank of Baroda and State Bank of India (SBI) were all up in the range of 1 to 3% at 11.40am. At the same time, the Nifty PSU Bank index were trading 1.27% up at 2433-levels.

Meantime, the Sensex scaled at 36,815.60 up by 114-pts and the Nifty at 10854.75, up by 25-pts, after moving between gains and losses in the morning session.

Further, in a bid to bring transparency, boost efficiency of the PSU sector, it was announced that PSU banks will have to return the loan documents to customers in 15 days and also make convenient an online tracking medium to check up the status of their loan applications.

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