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Nifty PSU Bank Most Resilient; Canara Bank, BOB Gain Over 5%

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While the investor mood remains highly cautious ahead of the crucial US Federal Reserve meeting and Nifty's losing run has entered the sixth straight day-which is the longest in a year, there is one pack that is seen highly resilient in trade today (January 25, 2022).

 
Nifty PSU Bank Most Resilient; Canara Bank, BOB Gain Over 5%

As of writing this copy at around 1:15 pm, Nifty PSU Bank is the most resilient with gains of over 3.22%. Of the 13 stocks that constituent the Nifty PSU Bank index, 11 trade in the green while 1 i.e. Union Bank trades steady and Indian Bank is seen losing by a tad. Top gainers within the pack are Bank of Baroda and Canara Bank up by over 5 percent. SBI last traded higher by 3.55% at Rs. 511.7, inching close to its 52-week high price of Rs. 542.3.

Other PSBs that rally between 1-3% include J&K Bank, PNB, Maharashtra Bank, Bank of India, Central Bank, UCO Bank, Punjab and Sind Bank and IOB.

While periods of rate increases do not augur well for the banking industry in general, the budget 2022 can further provide momentum to growth and amid economic recovery banking stocks tend to gain.

GoodReturns.in

Read more about: stock markets nifty psu bank
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