Today, amidst pressure on Bank Nifty, the Nifty PSU Bank index has surged by over 3 percent, thanks to the strong performance of public sector bank stocks. All 12 stocks included in this index are on an upward trajectory.
Indian Overseas Bank (IOB) Hits 52-Week High
Notably, the most significant surge has been witnessed in the shares of Indian Overseas Bank (IOB), which have soared by an impressive 12.41 percent, reaching a 52-week high of Rs 44.40.
UCO Bank and Punjab and Sindh Bank Also Surge
In addition to IOB, UCO Bank is trading 9 percent higher at Rs 44.05, and Punjab and Sindh Bank has seen a 7.84 percent increase, trading at Rs 48.15.
Other Public Sector Banks Show Strong Gains
Several other public sector banks are also experiencing substantial gains today.
Central Bank of India’s stock has risen by 6.26 percent, reaching Rs 50.05, while Bank of Maharashtra has seen a 5.32 percent increase, trading at Rs 47.50.
Punjab National Bank has surged by 4.79 percent, reaching Rs 77.70, and Bank of India is up by 4.68 percent, trading at Rs 110.70.
Indian Bank is displaying a 4.01 percent rise and is trading at Rs 413.65.
Other Notable Gains
Bank of Baroda has risen by 2.68 percent to reach Rs 216.45, and Canara Bank is up by 1.66 percent, trading at Rs 370.90.
Union Bank has witnessed a 1.46 percent increase, reaching Rs 97.50, and State Bank has risen by 1 percent to reach Rs 604.85.