PSB index up by more than 3% today

8 Dec 2022 , 03:42 PM

On Thursday's intra-day trade on the National Stock Exchange (NSE), the Nifty PSU Bank index surged over 3% on anticipation of high earnings in the upcoming quarters, as shares of public sector banks (PSU) continued their upward trend. The Nifty PSU Bank index was the top gainer among sectoral indexes at 01:13 PM, gaining 2.75 % vs a gain of 0.14 % for the Nifty 50. In the previous month, the index has increased 17.4% compared to the benchmark index's uptick of 2.1%.

In the previous month, the stock prices of three state-owned banks, Punjab & Sind Bank, Union Bank of India (UBI), and UCO Bank, have increased by 51—70%, while those of Bank of India, Punjab National Bank (PNB), Central Bank of India, and Bank of Maharashtra have increased by 25—42%. All public sector banks (PSBs) collective net profit increased by 32% to Rs 40,991 crore in the first half of the current fiscal year 2022—23 (FY23).

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