Public sector bank stocks shoot up on Sensex, Nifty on Rs 2.11 lakh crore recapitalisation

Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32 billion plan to recapitalise its state banks over the next two years.

Mumbai: Indian banking shares soared on Wednesday sending indexes to record highs after the cabinet approved a Rs 2.11 lakh crore plan for strengthening NPA-hit public sector banks.

Shares of Punjab National Bank were trading with a sharp gain of 31.90 percent, Bank of Baroda zoomed 24.17 percent, Bank of India advanced by 23.75 percent and State Bank of India surged 19.02 percent on BSE.

Nifty PSU Bank Index:

The Nifty PSU Bank sectoral index was up nearly 30 percent. The top five public sector banks for today are:

S&P BSE BANKEX

Among all the BSE sectoral indices, banking sector registered the maximum percentage turnover of nearly 32 percent. Three in the top 5 are public sector bank stocks.