Deja Vu for the PSU Bank Index, out of the various index on the exchange. The same sector surges when the exit poll came out claiming " Ayega to Modi hee" and today when " Modi aa gya".Nifty hit the lifetime high and crucial mark 12,000 first ever in history, 40k on Sensex. It seems even the market is flowing in Modi Tsunami.
The counter is trading at 3262.70, up 3.33% above from its previous close. On a daily scale, the index had gap up opening today. It made high of 3398 during the day, however, retreat from the level and fell towards 3260. It seems exhaustion in the trend, Profit booking is expected in the latter session today.
Bank of Baroda: The stock rose to 3.85% today. It reported losses shrinks to Rs 991.37 crore in March quarter against Rs 3,102.34 crore in the corresponding quarter last year. This is an improvement in the performance of the bank.
Indian Bank: The bank rose to 4.58% after the election mandate. The Bank plans to raise around Rs 1,500 crores through the QIP route for growth capital and to launch the issue in September, the government can also reduce its stake in Indian Bank to meet regulatory norms.
SBIN: Shares rose 2.9% to a record high of Rs 359.15. In the recent balance sheet has been fully repaired in FY2019 even as it recorded a turnaround performance in Q4. The country’s largest bank reported a net profit of ₹838 crore against a net loss of ₹7,718 crore YoY basis. The stock has outperformed Nifty 50 in 2019, it gained above 15% since the beginning of the year.