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Nifty PSU Bank index hits over four-month high

United Bank of India, Central Bank of India, Bank of Maharashtra and Indian Bank hits six-month high on NSE.

SI Reporter  |  Mumbai 

Shares of public sector undertaking (PSU) banks extended gains for the sixth straight trading session with the Nifty PSU Bank index quoting over four-month high on the National Stock Exchange (NSE). Nifty PSU Bank index hit intra-day high of 2,686 on Tuesday, its highest level since January 8, 2016.

In the past six trading sessions, since June 13, PSU bank index has rallied 8% after the Reserve Bank of India (RBI) came out with a scheme for resolution of bad loans of large projects wherein a portion of the debt will be converted into equity or other instruments. The Nifty 50 index ...

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First Published: Tue, June 21 2016. 12:03 IST