Nifty PSU Bank gains 1% led by J&K Bank, Syndicate Bank, Canara Bank, Allahabad Bank

The Nifty PSU Bank gained 1% on Thursday amid buying seen in J&K Bank, Syndicate Bank, Canara Bank, Allahabad Bank, and Union Bank.

 

Shares of J&K Bank, which gained 9%, were leading the index’s gain. Shares of Syndicate Bank, Canara Bank, Allahabad Bank, Union Bank, and Bank of India also contributed to the gain, rising 2% each. Shares of Indian Bank, Bank of Baroda, PNB, and OBC also rose 1% each.

 

Meanwhile, equity benchmark indices were trading in the green with the Sensex gaining 83 points at 39,196 levels. The Nifty also gained 30 points to trade at 11,721 levels.

 

Besides, on the currency front,The Indian rupee gained on Thursday and appreciated 21 paise to trade at day’s high level of 69.47 against the dollar. The appreciation could be attributed to weakness in the greenback against its major peers in the global markets. 

 

The American currency dropped to a one-week low level after Federal Reserve slashed their rate outlook for the rest of the year by roughly half a percentage point.

 

NIFTY FUTURE TIPS