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PSU stocks rally over 12%

Nifty PSU Bank Index witnessed a steep surge climbing 644.15 points or 8.72% to reach an all-time high of 8,030.15

PSU stocks rally over 12%
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Shares of public-sector units (PSUs) well as state-owned banks surged over 12 per cent on Monday as benchmark indices touched record highs a day after exit polls predicted a third term for the Prime Minister Narendra Modi-led government.

Public-sector units’ indices jumped to fresh peaks during intra-day, in tandem with the benchmark barometers that hit new records. In the mid-session trade, the Nifty PSU Bank Index witnessed a steep surge climbing 644.15 points or 8.72 per cent to reach an all-time high of 8,030.15, with the scrip of Bank of Baroda (BoB) rising 12.53 per cent to trade at Rs298.10. Central Bank of India rallied 12.53 per cent to Rs72.55, State Bank of India went up 9.78 per cent to Rs911.55, Canara Bank rose 9.07 per cent to Rs128.70, and Indian Overseas Bank jumped 8.35 per cent to Rs74.65 apiece on the NSE.

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