Nifty PSU Index: After the support received from Nitish Kumar and Chandra Babu Nayud, one thing is clear that Narendra Modi is going to be the next Prime Minister of the country. The impact of this update is also being seen in the stock markets. Today Nifty’s PSU Bank Index has seen an increase of 4.4 percent. Earlier yesterday i.e. on June 5 also, the Nifty PSU Bank Index had recorded an increase of 2.5 percent. Let us tell you that earlier on Tuesday, on the day of the election results, the Nifty PSU Bank Index fell by 15 percent.
This railway stock bounced back, prices rose 8% today, investors are happy.
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Today all PSU banks are giving green signal. Shares of Indian Overseas Bank, CBI, Union Bank of India and Bank of Maharashtra rose more than 5 percent. At the same time, share prices of Indian Bank, SBI, Bank of Baroda, Punjab and Sind Bank, UCO Bank rose by 4 to 5 percent. Shares of Canara Bank, Bank of India, Punjab National Bank have seen a jump of 3 percent.
Big news on Adani Power, shares rallied, prices up 7%
Excellent return of 72 percent in 1 year
Nifty PSU Bank Index has seen an increase of 72 percent in the last one year. At the same time, this index has managed to return 28 percent till now in 2024. In the month of May, this index saw a decline of 2.9 percent. While earlier Nifty PSU index managed to give positive returns for 6 consecutive months. Let us tell you that there has been an increase of 8.5 percent in April, 1 percent in March, 10.5 percent in February and 9.8 percent in January.
The reason behind the recovery in the PSU bank index is being considered to be the return of the NDA government. The PSU Bank Index gave excellent returns during the second tenure of the Modi government.