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Bank Nifty gained 1 percent to 15,806, and PSU Bank index zoomed 1.9 percent to 2,456.Punjab National Bank zoomed 3% to Rs.151.40. SBI, Bank of Baroda and Axis Bank zoomed over 2% each.The government have announced a steep cut in interest rates on small savings schemes.
Banking stocks will be in the limelight for the coming week as finance ministry has scheduled a meeting with senior bankers of public lenders on March 21 for the issue of dealing with large loan defaults as part of an exercise to clean up balance sheet of banks.
The CNX PSU Bank opened at 2,432 and hit a high of 2,472 and a low of 2,432. Bank of Baroda is currently trading at Rs. 146.5, up by Rs. 2.45 or 1.7% from its previous closing of Rs. 144.05 on the BSE. The scrip opened at Rs. 145.75 and has touched a high and low of Rs. 147.25 and Rs. 144.75 respectively. So far 4424608(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 33191.42 crore.
Punjab National Bank is currently trading at Rs. 86.7, up by Rs. 2.35 or 2.79% from its previous closing of Rs. 84.35 on the BSE. The scrip opened at Rs. 85.4 and has touched a high and low of Rs. 87.45 and Rs. 85.1 respectively. So far 5709397(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 16562.94 crore.
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