PSU Banking Stocks Rally Post SBI Results

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    PSU banking stocks rallied today after the country's largest lender State Bank of India reported a good set of quarterly numbers.

    PSU Banking Stocks Rally Post SBI Results
    State Bank of India: Quotes, News
    BSE 260.85BSE Quote0.3 (-0.12%)
    NSE 261.10NSE Quote0.05 (-0.02%)
    Syndicate Bank: Quotes, News
    BSE 31.85BSE Quote0.45 (-1.41%)
    NSE 31.85NSE Quote0.5 (-1.57%)
    Syndicate Bank gained a huge 3 per cent and was last trading at Rs 117, while other winners were Bank of India with gains of 3 per cent. State Bank of India itself gained over 6 per cent in trade and was last at Rs 301.

    ICICI Bank also gained in trade though other private sector banks like HDFC Bank and Axis Bank were having a subdued session.

    State Bank of India reported a net profit of Rs 2910 crores as against a net profit of Rs 2234 crores. The bank's performance was much better, though the asset quality continued to deteriorate.

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