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SBI, Bank of Baroda, Punjab & Sind Bank, Union Bank of India, UCO Bank, Bank of India, Bank of Maharashtra and Indian Overseas Bank were up 4 - 7 per cent each.
Motilal Oswal Financial Services believes that sustained and consistent performance on delivering healthy return ratios can result in further re-rating of the stocks.
PSU Bank index surged 71 per cent in CY22, recording the highest-ever gain since it debut in 2011
In past one month, the stock price of UCO Bank zoomed 151%, while of Punjab & Sind Bank by 147%, as compared to 23% rise in the Nifty PSU Bank index and less than 1% gain in Nifty 50.
So far in 2022, the Nifty Bank Index has soared 24 per cent, far outperforming the benchmark indices, the BSE Sensex and Nifty 50, which have gained close to 8 per cent each.
Punjab & Sind Bank trading higher for the fourth straight day, surging 42 per cent during the period, and quoted at its highest level since February 2018.
In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex
In the past one month, the Nifty PSU Bank index has rallied 31 per cent as compared to a 2.8 per cent rise in the Nifty 50 index