Even as a lot of action in today's stock market trajectory is based on the elections outcome in 5 states, stock market was expected to trade highly volatile due to sudden and surprise exit of RBI's governor Urjit Patel after market hours. To support the situation Modi intends to calm down nervous investors and it has been revealed that a new governor to head the RBI might be announced today.
As per a leading business dailies report, few of the contenders for the position include Shaktikanta Das and N S Vishwanathan. There is also news doing the rounds that Vishwanathan may be appointed as interim RBI chief.
And after the initial jittery phase, the news has been rather taken positively by the PSU bank stocks as these emerge to be biggest gainers instead of losing.
Nifty PSU Bank was last trading with gains of 65.45 or 2.33% at 2872. And within the space, PNB rises by 5.08% which quotes at Rs. 68.20 per share, followed by Indian Bank up 2.33% at Rs.221.95, Central Bank up 2.62% at Rs. 247 per share.
Other scrips that make up the index was trading in the green, after Sensex and Nifty recouped initial losses, include IDBI, Orient Bank, Syndicate Bank, Bank of Baroda and Bank of India.