Market Now: PSU banks stay firm; SBI, PNB trade in green

NEW DELHI: State Bank of India (up 0.41 per cent) was leading in Nifty PSU Bank index followed by IDBI Bank (up 0.35 per cent) and Punjab National Bank (up 0.13 per cent) as the index was trading at 3,436.75, up 0.17 per cent.

State Bank of India chairperson Arundhati Bhattachrya said on Tuesday that the bank would wait for the required ecosystem before going for the new Insolvency and Bankruptcy Code to resolve the cases of defaults.

PSU banks have seen a tough phase in recent times, majorly due to the mounting NPA issue.

While the Nifty bank index was up, shares of Bank of India (down 1.07 per cent), Bank of Baroda (down 0.74 per cent), Canara Bank (down 0.48 per cent), Union Bank of India (down 0.46 per cent) and Allahabad Bank (down 0.36 per cent) were trading in red.

Benchmark indices turned cautious after a solid start, tracking mixed Asian cues.

Benchmark Nifty50 index was 20 points up at 9,805, while the 30-share Sensex was 33 points up at 31,780 around 11.30 am (IST).

In the Nifty50 pack, 33 stocks were trading in green, while 17 stocks were in red.

On BSE, 1,299 stocks were advancing whereas 962 stocks were lagging.

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