The Nifty PSU Bank index extended gains in the afternoon session amid heavy buying in stocks of Bank of India
, Indian Bank
, Bank of Baroda
, and IDBI Bank
. The banking index snapped two day’s decline and is trading ~3% higher at 2,734.55. The index opened at 2,670.90 and hit a high of 2,736.25 and low of 2,666.05.
Shares of Bank of India and Indian Bank gained over 4% each and were the top performers on the index, while shares of PNB
also contributed to the gains by rising 3%. SBI
, Canara Bank
, Syndicate Bank
also rose 2% each.
, and J&K Bank
were trading higher 1% each.
rose 221 points at 35,720, while the Nifty
was up 68 points at 10,709. The market breadth was positive with 1,149 shares advancing, 540 shares declining, and 374 remaining unchanged.
Meanwhile, India’s central bank has approved an early transfer of a part of its profit to the government, which is desperate for cash to fund populist pledges ahead of the national election.
The Reserve Bank of India’s board has approved Rs28,000cr
($4bn) as an interim dividend, according to a statement. This is the second straight year that the RBI has announced an advance payment to Prime Minister Narendra Modi’s government.