On Tuesday evening, the government announced Rs2.11 trillion for PSU bank recapitalisation to revive investments as well as growth. The NSE PSU Bank index soared 24% intraday led by gains in State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, Bank of India and Union Bank, among others. ICICI Bank shares jumped over 10%, while Axis Bank shares were up 1% in morning trade. IndusInd Bank, Yes Bank, HDFC Bank, Kotak Mahindra Bank, Federal Bank, IDFC Bank, RBL Bank and South Indian Bank were trading either flat or fell. In the year so far, NSE PSU Bank index has surged 28%, while NSE Private Bank index is up 35%.

Source: Mint October 25, 2017 05:15 UTC