Banking shares, mainly public sector undertakings (PSU), are in the limelight and moved higher by up to 8% on the National Stock Exchange (NSE) in noon trade after media reports that the government is planning to set up high-level panel to tackle non-performing assets (NPA). CLICK HERE TO READ FULL REPORT.
Oriental Bank of Commerce (up 8% at Rs 156), Bank of Baroda (5% at Rs 179), Union Bank of India (5% at Rs 168) and Syndicate Bank (5% at Rs 94) rallied more than 5% each.
State Bank of India, IDBI Bank, Andhra Bank, Bank of India, Canara Bank, Punjab National Bank and Allahabad Bank were up between 3%-4% on the NSE.
At 02:49 PM, Nifty PSU Bank index, the largest gainer among sectoral indices was up 3.4% as compared to 0.94% rise in the benchmark Nifty 50 index.