Talking about the PSU bank index, on Monday, February 1, there is a bumpy rise in this index from the day of general budget. On the budget day, the PSU index had traveled above the level of 1850 to 1950.
New Delhi: The Indian stock market is seeing a continuous boom. Every day a new record is being seen in the stock market. While the Sensex has touched the level of 51 thousand, the Nifty has also touched the level of 15 thousand. Since the budget, there has been a tremendous boom in PSU banks. At the same time, large PSU stocks like SBI have also taken a quantum leap and are far ahead in this index.
Talking about the PSU bank index, on Monday, February 1, there is a bumpy rise in this index from the day of general budget. On the budget day, the PSU index had traveled above the level of 1850 to 1950. After this, till Friday 5 February, the PSU index has reached a high of 2390. At the same time, the PSU bank index is expected to rise further.
SBI at all time high
At the same time, the most ringing stock in the PSU Bank Index is State Bank of India (SBI). SBI’s stock is continuously setting new records. On the day of the budget, SBI traveled from 290 to 310 rupees and within just five days the share of SBI has reached Rs 408.35. With this, SBI has also made a new 52 week high. At the same time, SBI’s all time high prize of Rs 408.35 has also been made.
Among the PSU banks, apart from SBI, Indian Bank, Bank of India, Central Bank, Bank of Baroda, Canara Bank, PNB and JK Bank have also seen tremendous boom. Indian Bank has run from Rs 90 to Rs 136 in just five days.
Canara Bank has shown a jump from Rs 132 to Rs 171 in just five days. At the same time, PNB has also jumped from Rs 33 to Rs 42. Apart from this, Bank of Baroda’s stock has hit a high of Rs 68 to Rs 88 within five days.
On the PSU Bank Index, Ashika Stock Broking Chairman Equities Paras Bothra told ABP News that PSU banks were already trading at a much lower valuation but the announcement made by Finance Minister Nirmala Sitharaman in the budget regarding PSU Bank Since then, there has been a boom in them.
The reason behind this is that Nirmala Sitharaman had announced that bad assets will be transferred and capital will be infused into banks. This was similar to a trigger for PSU banks. After which, it is getting faster.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.