Stock Market

Stock Exchange Market Update: PSU Bank Stocks Jump 2 Percent Higher; SBI, BOB, IDBI Bank Among Top Gainers

Most PSU bank stocks in the stock exchange market were exchanging with gains on October 8, 2018, dull market. The Nifty PSU Bank list was trading 1.13 percent up at 2,686.

IDBI Bank (up 2.44 percent), Canara Bank (up 1.33 percent), Bank of Baroda (BoB) (up 1.88 percent), Indian Bank (up 0.89 percent) State Bank of India (SBI) (up 1.22 percent) were the best gainers in the PSU bank index.

Shares of Punjab National Bank (up 0.78 percent), Union Bank of India (up 0.68 percent) and Bank of India (up 0.39 percent), IDBI Bank (up 0.89 percent), Andhra Bank (up 0.88 percent), Union Bank of India (up 0.81 percent), Allahabad Bank (up 0.67 percent), Bank of India (up 0.53 percent) and Oriental Bank of Commerce (up 0.44 percent) as well, were in the green.

However, Indian Bank (down 1.43 percent) declined more than 1 percent. Punjab National Bank (down 0.12 percent) and Syndicate Bank (down 0.12 percent) were in the red.

In the stock exchange market, shares of Central Bank of India (down 4.64 percent) dove about 5 percent. The stock has been falling since Friday, September 28, 2018, in the midst of reports of bank’s unwillingness in taking an interest in the proposed Rs 4,500 crore rights issue of obligation ridden IL&FS. The state-claimed bank is one of the key investors of the organization.

Vijaya Bank (down 1.92 percent) and Syndicate Bank (down 0.48 percent) were in the red, while shares of Oriental Bank of Commerce (down 0.08 percent) and Canara Bank (down 0.05 percent) were levels around then. The market climbed on additions in Reliance Industries, HDFC Bank, State Bank of India and Asian Paints. Purchasing developed in customer durables, bank, financial, industrials and energy stocks.

Benchmark NSE Nifty50 list was down 7 points at 10,309, while the BSE Sensex was up 13 points at 34,390. Among the 50 stocks in the Nifty list, 23 were exchanging the green, while 27 were in the red.

YES Bank, HPCL, Indian Oil Corporation, Reliance Industries, and Indiabulls Housing Finance were among the best gainers in the Nifty list.

In the stock exchange market, Vedanta, Hindalco Industries, Wipro, Tata Steel, and HCL Technologies were among washouts in the Nifty pack of stocks, according to the report of Economic Times.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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