Shares of PSU Bank surge, Indian Bank goes up by 1%

The shares of PSU Banks traded in the positive zone in yesterday’s morning session. Following was the changes in the share prices of some of the PSU Banks:

State Bank of India (up by 0.95%), Oriental Bank (up by 0.58%), Oriental Bank of Commerce (up by 0.58%), Indian Bank (up by 0.58%), Union Bank of India (up by 0.26%), Jammu & Kashmir Bank Ltd (up by 0.38%), Bank of Baroda (up by 0.44%) and Bank of India (0.35%). 

A popular index, the Nifty PSU saw a spike of 0.42% to touch 3115.70 in the morning session. Benchmark index NSE Nifty 50 rose 26.90 points to reach 11,689.50. The BSE Sensex, another popular index, stretched by 96.77 points to touch 39,227.81.

25 of the 50 stocks in the c index traded in the green while the rest traded in the red. The shares of Bank of Baroda, SAIL, Federal bank, YES Bank, Vodafone Idea, PNB, DCB Bank, SBI, and Tata Motors were few of the most traded on the National Stock Exchange, the largest stock exchange in India.

Also Read: Stocks or Mutual Funds? A Millennial’s dilemma!

In spite of pressure in the Asian markets, the Indian equity market ended on a high note for the third consecutive session. Both NSE and BSE saw a bearish trend and registered advance-decline ratio of lower than one. 

The stocks of PSU Bank and FMCG supported the indices to some extent while the stocks of auto and energy limited the bearish movement.

Coming to the Interbank Foreign Exchange, the Indian Rupee opened at 68.71 (the exact figure at which it closed on the day before yesterday) up against the US Dollar. The Rupee then fell by 11 paise due to foreign fund outflows and rising crude oil.

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