PSU banks extend gain; SBI nears 52-week high

Shares of public sector banks (PSBs) were trading higher for the fifth straight trading sessions, gaining 7% on the National Stock Exchange (NSE), on the premise that the asset quality issues faced by them would largely be comprehended and quick resolutions to be bought about for them. At 10:23 am; the Nifty PSU Bank index, the largest gainer among sectoral indices, was up 0.88% at 3,463 as compared to 0.3% rise each in Nifty 50 and Nifty Bank index. Nifty PSU Bank index hit an intra-day high of 3,467, is 1.3% or 45 points away from its 52-week high of 3,512 touched on February 6, 2017. In past five trading sessions, the index rallied 7% against 2.4% rise in the Nifty Bank index and 0.97% gain in Nifty 50 index. Commodity Trading Tips 



Among the individual stocks, State Bank of India (SBI) was up 1.3% at Rs 286 on the NSE. The stock hit an intra-day high of Rs 286, is less than 1% away from its 52-week high of Rs 289 touched on November 11, 2016. Promising a solution to the growing non-performing assets (NPA) problem in the next few days, Finance Minister Arun Jaitley on March 24 said the resolution being worked out with the RBI will put enough pressure on borrowers to settle dues. According to Business Standard reports, the Reserve Bank of India (RBI) will likely find itself in the driver’s seat in the war against bad debt — closely monitoring big-ticket restructuring and even getting to decide the haircut to be taken by bank.  Punjab National Bank (PNB), Bank of India (BOI), Bank of Baroda (BoB) and Syndicate Bank have risen more than 7% each in past five trading sessions. Nifty Trading Tips