Nifty goes calm, PSU banking stocks gain on Budget speech
The market is not showing much movement as the Finance Minister P Chidambaram reads out his Budget allocation for various sectors. The Sensex was up 67.10 points or 0.35% at 19219.51, and the Nifty gained 15.15 points or 0.26% at 5812.05.
February 28, 2013 / 12:20 IST
Moneycontrol Bureau
The market is not showing much movement as the Finance Minister P Chidambaram reads out his Budget allocation for various sectors. The Sensex was up 67.10 points or 0.35% at 19219.51, and the Nifty gained 15.15 points or 0.26% at 5812.05.Most of the public sector banks gained interest of investors as the FM promised to provide Rs 14,000 cr for public sector bank recapitalisation. He also proposed to launch an all women’s bank to be set up via public sector, which will boost PSU banks.Get full Budget coverage: http://www.moneycontrol.com/budget2013/However, the FM’s indication that interest subvention on crop loans to continue seemed to be a little dampner for the PSU banks. Union Bank was up 2.5%, SBI gained 0.2% and PNB was up 0.3%. Top gainers on the BSE Sensex are Coal India (up 3.3%), BHEL, Wipro, and L&T.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
