PSB shares were trading higher in an otherwise weak market
Published On: Wednesday, August 12, 2020 | By: Team KnowMyStock
PSB shares were trading higher on the NSE, in an otherwise weak market, today(12th August 2020). The Nifty PSU Bank index rose 4 percent in the morning deals on the NSE as against a 0.36 percent decline in the benchmark S&P BSE Sensex. The government is considering extending "ratna" title to PSBs like SBI, and Bank of Baroda, according to media reports. As per government rules, a public sector enterprise can be awarded 'ratna' title to give them financial autonomy. Currently, there are four categories of 'PSU ratna' in India, namely 'miniratna-II', mini Ratna-I', 'navratna' and 'maharatna'.
Among individual stocks, Punjab National Bank surged 5 per cent, followed by Bank of Baroda (up 4 per cent), State Bank of India (3.5 per cent), UCO Bank (3.3 per cent), and Bank of Maharashtra (3 per cent) on the NSE. Besides, Central Bank of India, Indian Bank, Canara Bank, J&K Bank, and Indian Overseas Bank were up in the range of 1.9 and 2.7 per cent at 9:47 am.
In its bi-monthly policy review on August 6, the RBI’s monetary policy committee unanimously voted to keep the policy rate unchanged at 4 per cent and maintained its accommodative stance.
Nifty Private Bnk index, meanwhile, slipped about half a per cent with HDFC Bank, Bandhan Bank, RBL Bank, and Axis Bank tradign as top lowers on the NSE, down between 1-1.5 per cent.
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