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Nifty PSU Bank Continues Its Winning Run; BOB At New 52-Week High
Since the start of the year, bank stocks are seeing a winning run and experts say the action is more in the PSU Bank pack following an underperformance. On a YTD basis, the Nifty PSU Banks have gained a handsome 22.34%, while the headline index is trading almost flat with marginal gains.
Within the pack, Bank of Baroda is the most resilient trading higher by close to 8 percent and has hit its fresh 52-week high price of Rs. 115.55 per share. Other outperformers have been the Union Bank of India, Indian Bank, Bank of India and SBI ( up over 2 percent).
Furthermore, all the stocks have been trading higher with IOB, Maharashtra Bank, UCO Bank and Central Bank also trading in the green.
On Saturday, SBI came up with its quarterly results for the December ended quarter wherein the profit has been the highest on a quarterly basis at Rs. 8432 crore. Experts see SBI to hit a price of Rs. 600-650 in the near to medium term.
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