December 18, 2017 / 8:50 AM / 6 months ago

BUZZ-Indian PSU banks rebound as PM Modi's party set to win key state polls

** Shares of Indian PSU banks recover from early falls after the ruling Bharatiya Janata Party (BJP) pulls ahead in Prime Minister Narendra Modi’s home state elections

** Nifty PSU Bank index rises as much as 3.6 pct, its biggest intraday pct gain since Nov 17, after declining up to 4 pct

** On Friday, index declined for a third session in four ** “The state election results re-affirm continuation of Modi’s policies and PSU banks are up on hopes of clear and faster recapitalisation plans in the upcoming budget,” said A K Prabhakar, head of research, IDBI Capital

** Top lenders such as State Bank of India, Punjab National Bank and Bank of Baroda Ltd climb as much as 3.6 pct to 5.2 pct

** Nifty Bank index, which plunged more than 3 pct in early trade, up 1.2 pct

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