PSU Banking stocks gain over 2% led by SBI, IDBI Bank

The Nifty PSU Bank index was trading at 2,971 with most of its components trading in the positive zone.

Mar 11, 2019 05:03 IST India Infoline News Service

The Nifty PSU Bank gained over 2% on Monday amid heavy buying in stocks of IDBI Bank, Union Bank, PNB, and SBI.The index was trading at 3,009 with most of its components trading in the positive zone.

SBI stock gained 1% on the NSE after the bank has announced linking of its interest rates on deposits and loans to an external benchmark from May 1, 2019.

Canara Bank, Central Bank, Bank of India, Oriental Bank of Commerce, and SBI also rose 1% each.

Meanwhile, Bank Nifty index was also trading higher in the morning trade. Shares of PNB, Bank of Baroda, Federal Bank, and Axis Bank were up in the range of 1-2%, respectively.

Equity benchmark indices were trading in green with the Sensex gaining 297 points to 36,968. Nifty, too gained 92 points to trade at 11,127, reclaiming its key level of 11,100 in the process.

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