The PSU bank shares spurted up to eight percent in morning deals on Tuesday, taking the sectoral index, Nifty PSU Bank, to a record high.

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The PSU Bank index rose by 1.57 percent to hit a record high of 4,722.25 in morning trade, extending the gains for the third day in a row. As many as nine of its 12 constituents were trading in green, one was down while another remained flat in the morning session.

Among the major gainers, Punjab and Sind Bank jumped more than eight percent to hit a high of Rs 41.20, nearing its 52-week high of Rs 44.75 hit on December 15, 2022. The country’s second-largest public sector lender Punjab National Bank raced to a 52-week high of Rs 68.60 rising by more than one percent.

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UCO Bank rose by around six percent to a high of Rs 35.55 per share, approaching its 52-week high of Rs 38.15 apiece. Central Bank of India jumped over 5 percent to a high of Rs 39.65 while Bank of India gained 4.3 percent to reach Rs 94.1, Indian Bank rose by around 2.5 percent to Rs 393.80 per share, and Indian Overseas Bank gained more than two percent to Rs 33 apiece on NSE.

The Nifty PSU Bank index has gained around 28 percent in this financial year while the year-to-date returns are over seven percent, in line with the wider benchmark Nifty 50 which gained 7.6 percent in 2023 so far.

Among the major index gainers, Bank of Maharashtra has spurted more than 50 percent in the past six months, followed by Punjab and Sind Bank with 42.7 percent, Central Bank of India by 41.2 percent, Indian Bank by 34 percent and Punjab National Bank by 30.9 percent.

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(Edited by : Asmita Pant)