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Market Now: PSU bank stocks rise; BoI, BoB top gainers

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Authors: JordanNEW DELHI: Most PSU bank stocks jumped on Monday on reports that the Reserve Bank of India (RBI) is likely to give banks some leeway in accounting for their losses in government securities, potentially saving them hundreds of crores in provisions.

A majority of them ruled higher. The Nifty PSU Bank was trading 1.3 per cent up at 2,821 around 11 am (IST), with Bank of India (up 2.84 per cent) and Bank of Baroda (2.18 per cent) as top gainers. Canara Bank (up 1.90 per cent), Oriental Bank of Commerce (1.64 per cent), Punjab National Bank (1.58 per cent), Indian Bank (1.52 per cent), Union Bank of India (1.21 per cent), IDBI Bank (1.16 per cent), Allahabad Bank (1.16 per cent), Syndicate Bank (1.14 per cent), State Bank of India (1.12 per cent) and Andhra Bank (0.81 per cent) ran up too. Equity markets got a leg-up on fresh buying by domestic institutional investors and a rise in the rupee. The NSE Nifty50 index was up 35 points at 10,653 while the BSE Sensex turned higher by 116 points at 35,031. The Nifty50 index saw 29 as scoring and 21 faltering.




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