Shares of PSU Banks saw a significant rise on January 16, rising as much as 12% intraday. The rally in share prices pushed Nifty PSU Bank sectoral index up by over 156 points or 3% to 6,308.
Punjab & Sind Bank (PSB) saw the highest rise in share price among its peers. The stock rallied 12.3% to hit an intraday high of Rs 52 on January 16. This comes after the bank's Q3 net profit jumped over 147% YoY to Rs 281.96 crore. The stock later pared some gains to close at Rs 49.5 (6.8% higher).
Indian Bank shares jumped 4.9% to close at Rs 527.5 on January 16. This comes after the Appointments Committee of the Cabinet approved proposal to appoint Binod Kumar as Indian Bank CEO & MD. The shares however are down nearly 16% from its 52-week-high record of Rs 626.35. The stock had last traded at such high level in June 2024.
Bank of India (BOI) shares surged nearly 5% to hit an intraday high of Rs 100.55. The shares have been on a rise for the past three sessions now.
Bank of Maharashtra also saw a strong rise in share price. The stock rose 4.3% to trade at an intraday high of Rs 53.3. The stock however pared some gains later to close at Rs 52 (1.9% higher).
Bank of Baroda (BoB) shares jumped over 3% to close at Rs 229. The shares have fallen over 11% in the last six months. The shares are currently around 23% down from its 52-week-high level of Rs 298.45.
Shares of Punjab National Bank (PNB) also saw a strong rise after the Appointments Committee of the Cabinet approved proposal to appoint Ashok Chandra as the bank's new CEO & MD. PNB shares closed around 2% higher at Rs 100.20.
Canara Bank shares closed 2.85% higher at Rs 97.40 while Indian Overseas Bank shares closed 1.56% higher at Rs 50.70. Shares of UCO Bank ended the day around 2.17% higher at Rs 43.31.
State Bank of India (SBI) recorded minor gains, when compared to its peers. The stock closed 1.21% higher at Rs 763.10.
While Nifty PSU index saw a significant rally on January 16, defensive sectors dragged, with Nifty FMCG index falling 0.6 percent, by around 310 points to close at 55,240. The Nifty Pharma index also fell 0.3 percent.
The Nifty Bank index closed 1.08% or 527 points higher at 49,278.70.
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