The Nifty PSU Bank index is trading higher by 2,514.64 points in an otherwise volatile market. The banking index rose nearly 1% led by gains seen in Bank of Baroda, Central Bank, Bank of India and SBI.
Bank of Baroda was the top contributor to the index's gain, up 2%, followed by Bank of India, Central Bank, SBI and Allahabad Bank, which were also up 1%.
Shares of SBI rose 1% after the bank said that the Executive Committee of Central Board (ECCB) has approved the divestment of 3.50cr + 1cr equity shares constituting 3.5% with an oversubscription up to 1% of stake in SBI Life Insurance Company to achieve Minimum Public Shareholding of 25% (Part of Bank's share for MPS) through Offer for Sale process through Stock Exchange mechanism as per the regulatory prescription.
On the flip side, Union Bank, Syndicate Bank, Canara Bank, and PNB were down in today’s trade.
The rupee extended its rally, rising to one-month high of 71.27 against the US dollar.
Indices were trading lower in afternoon trade led by RIL and TCS. The Sensex was down 63 points at 37,207, while the Nifty fell 33 points and is trading at 11,003 levels.