What a day today, Exit polls acts as the long awaited life giving medicine to the dull market which is in the grip of the bear for the past few sessions. It slips below 11100 which made investors/ traders doubtful on the performance of the index in the most volatile week of the Market in 2019 when the result for the Lok Sabha election will be out which will form new elected government. Nifty PSU bank index is the star performer of the day. The sector consist of the performance of the Public sector Banks with SBI, Bank of Baroda & PNB at the top three position by their weightage. The counter is trading at 3185.05, 8% above from its previous close. On daily scale, the index formed various doji candles which indicates although bears were having the dominance still the traders started cautious of the further lower level signaling indecision in the market..
- Bank of Baroda today is trading at 122.90, 9.56% above from its previous close. BoB will take initiative towards integrating individual customer services of Dena Bank and Vijaya Bank customers by throwing open basic banking facilities to customers across all three lenders. This seamless transition will be a record as it has been done within two months of the merger announcement and marks an important step in what is a complex public-sector bank merger.
Bank of India gained 9.24% and trading near 90 mark today. The bank reported profit of Rs 251.79 crore in Q1 against a loss of `3969.27 crore in Q4FY18. The bottom line boosted by strong net interest income growth and a sharp drop in provisioning for bad loans, witnessed a 57.72% rise in NII to Rs 4,044 crore YoY basis.
Canara Bank gained today & locked the gains around 9.06% .The bank reported a net profit of Rs 347.02 against net loss of Rs 4,222.24 crore in FY18.NII rose by 19.03% to Rs 14,478.12 crore in FY19 as compare to Rs 12,163.33 crore in 2018.The operating profit improved by 10.9% to Rs 9,548 crore as compared to Rs 10590 crore in FY18.