Bank nifty tips: PSU bank stocks up; OBC zooms 2.4%

The PSU Bank is trading higher 1.3% at 2,429. The PSU Bank Nifty opened at 2,408.70 and hits a high of 2,444 and a low of 2,406.70. PSU banks are trading higher ahead of the meeting between finance minister Arun Jaitley with the chairman of the PSU Banks. Bank Nifty trading up at 17,712.25 on NSE.

Oriental Bank of Commerce is currently trading at Rs. 82.8, up by Rs. 2.05 or 2.54% from its previous closing of Rs. 80.75 on the BSE. The bank is planning for a credit growth of 12% in the current fiscal with focus on retail and SME lending.

Bank of Baroda is currently trading at Rs. 142.8, up by Rs. 2.6 or 1.85% from its previous closing of Rs. 140.2 on the BSE. The scrip opened at Rs. 140 and has touched a high and low of Rs. 143 and Rs. 140 respectively. So far 3572086(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 32304.32 crore.

Allahabad Bank is currently trading at Rs. 51.5, up by Rs. 0.85 or 1.68% from its previous closing of Rs. 50.65 on the BSE. The scrip opened at Rs. 51 and has touched a high and low of Rs. 51.7 and Rs. 50 respectively. So far 721524(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3662.16 crore.

Syndicate Bank is currently trading at Rs. 64.7, up by Rs. 1.1 or 1.73% from its previous closing of Rs. 63.6 on the BSE.

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Bank Nifty up 1%; PNB among top Nifty gainers

Bank Nifty gained 1 percent to 15,806, and PSU Bank index zoomed 1.9 percent to 2,456.Punjab National Bank zoomed 3% to Rs.151.40. SBI, Bank of Baroda and Axis Bank zoomed over 2% each.The government have announced a steep cut in interest rates on small savings schemes.

Banking stocks will be in the limelight for the coming week as finance ministry has scheduled a meeting with senior bankers of public lenders on March 21 for the issue of dealing with large loan defaults as part of an exercise to clean up balance sheet of banks.

The CNX PSU Bank opened at 2,432 and hit a high of 2,472 and a low of 2,432.

Bank of Baroda is currently trading at Rs. 146.5, up by Rs. 2.45 or 1.7% from its previous closing of Rs. 144.05 on the BSE. The scrip opened at Rs. 145.75 and has touched a high and low of Rs. 147.25 and Rs. 144.75 respectively. So far 4424608(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 33191.42 crore.

Punjab National Bank is currently trading at Rs. 86.7, up by Rs. 2.35 or 2.79% from its previous closing of Rs. 84.35 on the BSE. The scrip opened at Rs. 85.4 and has touched a high and low of Rs. 87.45 and Rs. 85.1 respectively. So far 5709397(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 16562.94 crore.

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