Nifty PSU Bank index surged almost 4% in intra-day deals on Friday, March 20 following broader gains on Dalal Street. This comes after a steel 3% fall in the previous session.
The Nifty PSU Bank jumped as much as 3.8% to its day’s high of 8,731.15.
Meanwhile, the Indian stock market benchmarks Nifty and Sensex also rose on Friday, March 20, tracking gains in Asian markets and aided by short-covering after sharp losses in the previous session. Sentiment improved as crude oil prices eased and the US dollar softened, offering relief to investors.
Optimism was further supported by geopolitical signals, with Israeli Prime Minister Benjamin Netanyahu indicating that Israel would avoid targeting energy infrastructure and suggesting the conflict could end sooner than expected. Meanwhile, US President Donald Trump ruled out deploying ground troops, saying he is “not putting troops anywhere,” easing fears of further escalation. Oil prices also fell to around $107 per barrel from $119 in the previous session.
PSU Banks stock performance
All constituents of the index were trading in the green.
Canara Bank surged the most, up almost 5% followed by Union Bank of India, Maharashtra Bank, and Indian Bank rallying over 4% each. Meanwhile, Bank of India, Punjab National Bank, Bank of Baroda, State Bank of India, Indian Overseas Bank, and UCO Bank also added between 3-4% each. Punjab and Sind Bank and Central Bank of India were also up over 2% each.
