PSU Bank Index rises by 73% from June lows

23 Nov 2022 , 11:56 AM

State-owned bank shares kept moving upward as the Nifty PSU Bank index reached a fresh high of 3,952.60 on Tuesday during the intraday session. The index has increased 73% from its 52-week low of 2,283.85, which came on June 20, due to solid bank earnings in the quarter from July to September (Q2FY23).

It has increased 31% over the past month compared to the Nifty ’50s 2.8% gain. While this time, the stock prices of UCO Bank, Union Bank of India (UBI), and Bank of India have increased from 54% to 65%. In the past month, the Bank of Maharashtra, Punjab & Sind Bank, Central Bank, and Indian Overseas Bank all saw gains of between 31% and 40%.

UCO Bank, Bank of India, Canara Bank, and Bank of Maharashtra have all recovered 80—102% from their 52-week lows from June of this year. While UBI, Bank of Baroda, and Indian Bank have all increased significantly from the 52-week lows, they reached between December 2021 and May 2022, respectively. On the NSE, most of these stocks are currently trading at two-year highs.

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