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PSU banks rally again despite market weakness

PSU banks rally again despite market weakness
Canara Bank: Quotes, News
BSE 188.85BSE Quote2.35 (1.24%)
NSE 188.85NSE Quote2.35 (1.24%)
PSU banks rallied for the third straight day in a row on sustained buying following hopes of a turnaround story for these banks.

Bank of India which has had a sensational run since reporting numbers was up 4 per cent again with Oriental Bank, Syndicate Bank, Canara Bank and Union Bank all joining the list of gainers.

Today's sharp gains in PSU banks are on the hopes that non performing assets at the government owned banks may have peaked.

In fact, Bank of India reported a drop in non performing assets leading to sharp gains in other PSU banks.

Eagerly watched would be the results of Punjab National Bank and State Bank of India due in the next few weeks, which would throw light on whether there has been a remarkable turnaround in the asset quality of PSU banks.

In fact, even smaller PSU banking stocks like Dena Bank have rallied in line with the larger public sector banking units.

Story first published: Tuesday, November 5, 2013, 11:30 [IST]
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