Banking shares enlarge rally; SBI hit 52-week highs
Banking shares extended gains for the second straight day on the bourses after the Government of India pronounced on Tuesday that the five hundred and one thousand rupee notes will never again be legitimate delicate from midnight, eighth November 2016.
The public sector undertaking (PSU) banks, the biggest gainer with the Nifty PSU Bank index was up 4.4%, when contrasted with 1.8% rise in the Nifty Bank and 1.3% pick up in the Nifty50 index at 09:41 am.
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SBI (up 4.4% at Rs 272) and Kotak Mahindra Bank (up 1.3% at Rs 833) hit their respective 52-week highs on the NSE in intra-day trade.
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State Bank of India (SBI), Uco Bank, Syndicate Bank, United Bank of India, Punjab & Sindh Bank, Union Bank of India, Vijaya Bank, Indian Overseas Bank (IOB) and Allahabad Bank from the PSU banks were up between 5%-7%.