The Nifty PSU Bank index gained 2% on Friday amid heavy buying in Canara Bank, PNB, Bank of Baroda, SBI, and Oriental Bank of Commerce.
Shares of Canara Bank, PNB, Bank of Baroda, SBI, Bank of India, and Oriental Bank of Commerce, which rose 2% each, led the index’s gain. Shares of Bank of India, Central Bank of India, Union Bank, J&K Bank, and IDBI Bank also contributed to the gain, rising 1% each.
Shares of IDBI Bank gained after the Reserve Bank of India (RBI) classified the bank as private lender after Life Insurance Corporation of India (LIC) took over the control of the bank.
Meanwhile, equity benchmark indices are all set to witness their longest stretch of weekly gains in over six months after opening on a positive note. The Sensex gained 248 points to trade at 38,003 levels and the Nifty gained 75 points at 11,418 levels, struggling to touch its life-time high level of 11,580.