PSU banks rally after RBI new Basel norms; SBI, BOB surge over 8%
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Banking shares mainly public sector undertakings (PSUs) have rallied by up to 13% on the National Stock Exchange (NSE) in early morning trade after the Reserve Bank of India (RBI) has allowed banks to beef up its capital adequacy by including certain items such as property value, foreign exchange for calculation of its Tier-I capital.
State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Indian Bank, Union Bank of India, Canara Bank and Punjab National Bank are among few rallied more than 6% on the NSE.
At 09:25 AM, Nifty PSU Bank index zoomed 8.5% at 2,268 points as compared to 1.3% gain in the Nifty 50 index at 7,317 points.
The PSU banking index hit high of 2,280 in intra-day today, soared 12% in past two trading sessions against less than 5% rise in the benchmark index.
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