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Nifty PSU Bank Surges Over 5% Led By Gains In PNB, Union Bank
After starting firm, Indian benchmark indices have erased most gains and are trading almost flat. Sectorally, Nifty PSU Bank has been buzzing in trade with gains of over 5 percent.
The gains in the pack are led by gains of between 2-9% in stocks like SBI, PNB, Bank of Baroda, Union Bank and Canara Bank. SBI has made gains of 2.6 percent, while Union Bank is up close to 5%, Canara Bank and PNB on the other hand are trading higher by 2.2% and over 8% to day's price of Rs.37.45.
At the start of the year, there were seen gains in the pack on divestment buzz and later on recapitalization plan. As part of the divestment there was announced divestment of stake in 2 PSU lenders. Also, amid the Covid 19 crisis, there is being thought of a well planned action plan for Asset reconstruction companies' for managing banks NPA which will surge amid the ongoing disruption in business activity and after SC has lifted the ban on classifying loan accounts as NPAs.
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