Public Sector Banks In Focus After Vijay Mallya Declared Bankrupt In UK Court; SBI Up Over 2%

Indian indices are still 0.8% away from all time highs hit on the Nifty of 15,962.25, though positive global cues have seen the markets trade with a positive bias in today's trade. Broader markets are outperforming with momentum seen in the mid cap stocks with the Nifty Midcap index performing higher by 0.47% in comparison to Nifty which is just up by a tad 0.08% at the time of writing this copy.

Public Sector Banks In Focus After Vijay Mallya Declared Bankrupt In UK Court; SBI Up Over 2%

Among sectoral indices, the defensive sectors are trading in the red while all other sectorals are trading with gains. Most strength is seen in the metal pack, followed by the PSU bank index which is up by 1.14%. Just at the time of writing this copy, Nifty private bank index has also moved in the red territory.

Notably, Vijay Mallya has been declared bankrupt in the London court proceeding and now Indian PSBs to whom the fugitive businessman owes a significant amount can take on to the recovery process. So, the consortium of Indian banks led by SBI can now seize the assets of Mallya.

Individually, the most strength among the PSBs was seen in SBI which was up 1.89%, followed by Canara Bank also up by over 1.8%. Other banks too saw strength between 0.14% to 1.11%. The two PSBs in the red however have been IOB and J&K Bank.

SBI shares are now trading close to their 52-week high price of Rs. 441.95.

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