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Nifty PSU Bank Index Surges; SBI Hits Record High

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As BSE's Sensex and NSE's Nifty 50 touch new all-time highs on Thursday, Nifty's PSU Bank emerges as the best performing sector for the day. The index gained over 7 percent to hit an intraday high of 3,399.25 points.

Nifty PSU Bank Index Surges; SBI Hits Record High
 

Among the stocks listed on the index, Bank of Baroda jumped the most. The stock rose more than 12 percent to Rs 144 a piece on NSE.

Shares of State Bank of India (SBI), India's largest PSU, hit a new 52-week high of Rs 364, after a nearly 6 percent gain. The stock has outperformed Nifty 50 in 2019, it gained over 15 percent so far. SBI's five-day trade average has been 43 percent higher than its 30-day average, according to an Economic Times report.

Shares of Allahabad Bank rose by 4 percent from its previous close to Rs 50.30 apiece.

Upward movement was also seen in PSU stocks like that of the Punjab National Bank, Syndicate Bank, Oriental Bank and Union Bank.

Domestic stocks have been surging in the morning session on Thursday as counting trends have been in line with predictions made at exit polls.

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