On June 4, when the Indian markets reacted to the results of the Lok Sabha elections, they were drenched in deep red, resulting in colossal losses for investors. The day saw the marquee indices drop by 7 per cent in the span of day. The markets ended the day with Sensex closed the day at 72,562.93, down by 3905.85 points or 5.11 per cent.
PSB Shares Zoom, Making Gains
Similarly, the Nifty ended negatively at 21,884.50, down by 1,379.40 points or 5.93 per cent.
Since then, in the span of about two days, the markets have recovered remarkably well. The banking shares have made significant advances in this period. In this, the PSBs, or public sector banks, have made some major gains, just halfway through the day's trade on June 6.
Amongst the big names in the vestibule of government-owned and run banks, Indian Overseas Bank appears to have made the most of the day by gaining 4.13 per cent.
Central Bank of India comes in second, making a 3.64 per cent jump in its value, taking the price of each share to Rs 64.00 (15:00 IST). CBI was followed by another major PSB, Bank of Maharashtra, the Pune-based bank has been the top performer not just at Dalal Street but in the balance sheets as well.
BoM has outperformed other public-owned banks consistently. In addition, in the intraday trade, the bank has made 3.69 per cent (15:02 IST), taking the value of individual share to Rs 66.00. Bank of India gained 0.90 per cent, taking the price to Rs 118.00. | Photo: Representative Image
Markets on Path To Recovery
BoM has outperformed other public-owned banks consistently. In addition, in the intraday trade, the bank has made 3.69 per cent (15:02 IST), taking the value of individual share to Rs 66.00. Bank of India gained 0.90 per cent, taking the price to Rs 118.00.
Punjab National Bank gained 1.85 per cent. Bank of Baroda gained 3.60 per cent, taking its shares to Rs 269.35. Last but not the least, the country's largest lender, the State Bank of India made gains of 3.58 per cent, taking its value to Rs 818.00.
At 15:08 IST, NSE Nifty gained 0.81 per cent. BSE Sensex gained 0.86 per cent, making slow recovery after June 4.
