Nifty PSU Bank Outperforms Nifty Bank and Benchmarks, up 69% in 1 Year

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Nifty PSU Bank Outperforms Nifty Bank and Benchmarks, up 69% in 1 Year
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The sectoral index Nifty PSU Bank witnessed a bull streak for the third consecutive session on Friday, rising 3.3% in the period, and ended the week 3% higher.

The 12-scrip gauge of top Indian public sector undertaking (PSU) banks was among the top sectoral performers under the Nifty umbrella on June 30, 2023, jumping 2.25% during the session and closing the day 2.06% or 82.85 points higher at 4,110.2.

All the constituent stocks of Nifty PSU Bank ended in the green on Friday, led by a strong 7.5% jump in Punjab & Sind Bank (NS: PUNA ) and an up to 6% surge in Indian Bank (NS: INBA ).

The sectoral index has trumped the Nifty Bank index on a one month basis, rising 1.75% compared to a 0.7% uptick in Nifty Bank.

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 , spiking 69% compared to a 34% jump in Nifty Bank, 21.8% rise in Nifty and a 22.3% surge in Sensex during the period.

The sectoral index under focus has also outperformed the aforementioned key indices in Friday’s intraday trade, closing over 2% during the session, compared to the closings of Nifty Bank, Nifty and Sensex.

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