Nifty PSU Bank at Record High, Bull Streak Extends; Trumps Benchmarks

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Nifty PSU Bank at Record High, Bull Streak Extends; Trumps Benchmarks

By Malvika Gurung -- The sectoral index Nifty PSU Bank hit an all-time high of 4,722.25 in the morning session on Tuesday, jumping 1.57% in the intraday trade.

The index has maintained its bull streak for the third day in a row on September 5, 2023, surging 5.7% in the period and outperforming benchmark indices Nifty50 and Sensex , which rose 1.7% and 1.5%, respectively during the period.

All the 12 constituent stocks on the Nifty PSU Bank index traded in the green at 10:25 am on Tuesday, with Punjab & Sind Bank (NS: PUNA ) and UCO Bank (NS: UCBK ) leading the gains.

The New Delhi-headquartered Punjab & Sind Bank’s shares propelled 10.9% in the intraday trade to Rs 41.2 apiece, nearing the bank’s 52-week high of Rs 44.75 apiece recorded on December 15, 2022.

The public sector undertaking (PSU) lender UCO Bank also approached its 52-week high of Rs 38.15/share in Tuesday’s session, jumping 8% to Rs 35.55 apiece today.

The 12-scrip gauge of top Indian public sector undertaking (PSU) banks has zoomed 6.24% on a one-month basis, significantly trumping the key sectoral index Nifty Bank , which has dropped 0.72% in the period.

Over the past one year period, Nifty PSU Bank has significantly outperformed not just Nifty Bank but also the benchmark equity indices Nifty50 and Sensex, rallying 54.74% compared to a 13.1% surge in Nifty Bank, 11.34% rise in Nifty and an 11.6% jump in Sensex during the period.

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