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Last Updated : May 23, 2019 12:40 PM IST | Source: Moneycontrol.com

PSU banks rally 3-13%, SBI hits record high

PSU banks rallied between 3 percent and 13 percent intraday but as the market cooled off from its high, some profit booking was seen in these stocks

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PSU banks are prominent gainers on May 23 when the counting of votes for Lok Sabha elections indicated that BJP is set to form government again.

Hence, market experts believe that Monetary Policy Committee may cut repo rate in forthcoming policy meeting scheduled on June 3-6, which is the key reason for the rally in PSU banks.

Nilesh Shah, MD at Kotak Mahindra Mutual Fund told CNBC-TV18 that definitely RBI will talk of about inflation and growth trajectory. And, since, now inflation is under its target, growth will be in focus, he added.

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Also, there is a hope that NPA concern may be coming to end soon and the government may continue to support PSU banks.

PSU banks rallied between 3 percent and 13 percent intraday but as the market cooled off from its high, some profit booking was seen in these stocks.

Nifty PSU Bank index climbed nearly 8 percent intraday, but was up nearly 4 percent at the time of publishing this copy.

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Bank of Baroda and Indian Bank were top gainers with nearly 7 percent gains. Country's largest lender State Bank of India hit a record high of Rs 364 intraday, gaining 3 percent.

Canara Bank, Bank of India, Syndicate Bank, Central Bank of India and PNB were up 2-4 percent.

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First Published on May 23, 2019 12:40 pm
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