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Nifty PSU Bank Recoup's Previous Day's Losses; IOB, Central Bank Gain UpTo 20%: Here's Why

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After opening weak, Indian benchmark indices towards the afternoon session recouped all of the early morning losses and traded flat with a negative bias. Nifty was last trading down by 16 odd points at 15667. Bank Nifty traded higher and broader markets still performed better with gains of over 0.3% on the Nifty Midcap 100 index.

 

Nifty PSU Bank Recoup's Previous Day's Losses; IOB, Central Bank Gain UpTo 20%

Among the Nifty Sectoral indices, Nifty PSU Bank has been the outlier in trading gaining over 3.5% percent. All of the 13 constituents of the pack traded in the green with maximum gains seen for the counters such as J&K Bank (locked in 20% upper circuit), Indian Overseas Bank (gained up to 18%) and Central Bank (upper circuit of 19.8%).

As per the leading business channel report, Central Bank of India and Indian Overseas Bank have been shortlisted for divestment and hence the buzz in the PSU Banking pack. For taking ahead the divestment process, the centre shall amend the Banking Regulations Act together with other banking laws.

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