The Nifty PSU Bank index was trading 2% up in the morning session on Tuesday on heavy buying in Indian Bank, State Bank of India (SBI), and Oriental Bank of Commerce.
Indian Bank and Oriental Bank of Commerce were leading the index’s gain by witnessing rally of ~7% and ~4%, respectively. SBI and Bank of India also gained ~2% each. Canara Bank, Vijaya Bank, Bank of Baroda, PNB, and Central Bank also joined the gainer’s group by rising ~1%.
Shares of Vijaya Bank gained as the bank's NII for Q2FY19 improved by 15.6% yoy to Rs1,166cr as against Rs1,008cr yoy. Its GNPA for Q2FY19 stood at 5.86% against 6.19% qoq, a decline of 33bps. NNPA for the quarter came in at 3.81% against 4.1% qoq, indicating a decline of 29bps.
Further, investors will keep a close eye on Bank of Baroda's result which will be out later today.
Meanwhile, equity benchmark indices were trading in the green after opening in the red today. The Sensex was trading 38 points up at 34,106 levels, while Nifty also climbed 11 points at 10,261 levels.
Besides, the rupee depreciated 14 paise to 73.58 against the American currency vs. its Monday’s close of 73.44 against the dollar. This is probably on the back of strong buying of the greenback by banks and importers amid sustained outflows by foreign investors.
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