Mumbai: PSU bank stocks such as SBI, Bank of Baroda, Canara Bank and PNB have been vying for market attention lately, having largely outperformed their private sector peers over the fortnight through May 11 on hopes of divestment surrounding state-owned banks.
Traders, however, wonder whether the rally has more legs. Market mavens believe 10-15 per cent more upside is possible this month itself if the Nifty holds 14,400-14,450 levels as Nifty PSU Bank index has risen after hitting an intermediate bottom near 1,947 on April 20 through 2,239.7 on May 11.
“If the 14,400 support breaks down, all bets are off, said Rajesh Palviya, technical head, Axis Securities, whose preferred picks are SBI and Bank of Baroda.
Nifty PSU Bank index closed down 9.26% at 1988.3 today. The index has slipped 14.00% over last one month. Among the constituents, Indian Bank dropped 11.27%, Canara Bank shed 11.13% and Bank of Baroda fell 10.68%.
The Nifty PSU Bank index has soared 53.00% over last one year compared to the 57.06% increase in benchmark Nifty 50 index. In other indices, Nifty Media index has dropped 8.10% and Nifty Realty index is down 7.50% on the day. In broad markets, the Nifty 50 has dropped 3.53% to close at 14310.8 while the SENSEX has slid 3.44% to close at 47883.38 today.
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Nifty PSU Bank index closed down 4.10% at 2123.85 today. The index has slipped 9.00% over last one month. Among the constituents, Canara Bank dropped 6.14%, Central Bank of India slipped 4.68% and State Bank of India fell 4.61%.
The Nifty PSU Bank index has soared 72.00% over last one year compared to the 81.08% increase in benchmark Nifty 50 index. In other indices, Nifty Bank index has dropped 3.48% and Nifty Private Bank index is down 3.45% on the day. In broad markets, the Nifty 50 is down 1.54% to close at 14637.8 while the SENSEX has slid 1.74% to close at 49159.32 today.
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Nifty PSU Bank index ended down 3.77% at 2199.05 today. The index has slipped 3.00% over last one month. Among the constituents, Indian Bank shed 6.66%, Bank of Baroda fell 5.07% and Bank of India dropped 4.66%.
The Nifty PSU Bank index has soared 48.00% over last one year compared to the 64.17% increase in benchmark Nifty 50 index. In other indices, Nifty PSE index has dropped 3.13% and Nifty Energy index has slid 3.11% on the day. In broad markets, the Nifty 50 has declined 1.27% to close at 14721.3 while the SENSEX has dropped 1.12% to close at 49801.62 today.
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Read more about Indian Bank slips for fifth straight session on Business Standard. Indian Bank is quoting at Rs 124.7, down 1.69% on the day as on 13:19 IST on the NSE. The stock tumbled 0.51% in last one year as compared to a 66.58% rally in NIFTY and a 53.53% spurt in the Nifty PSU Bank index.