Modi government is returning once again. Its effect is being seen in the stock market. Nifty PSU Bank Index has seen a rise of 4 percent.
After the support received from Nitish Kumar and Chandra Babu Naidu, one thing has become clear that Narendra Modi is going to be the next Prime Minister of the country. The effect of this update is also being seen in the stock markets. Today, the Nifty PSU Bank Index has seen a rise of 4.4 percent. Earlier yesterday, i.e. on June 5, the Nifty PSU Bank Index had also registered a jump of 2.5 percent. Let us tell you, earlier on Tuesday, on the day of election results, the Nifty PSU Bank Index had fallen by 15 percent.
Shares rose more than 5%
Today all PSU banks are trading in the green. Shares of Indian Overseas Bank, CBI, Union Bank of India and Bank of Maharashtra have seen a rise of more than 5 percent. At the same time, the share prices of Indian Bank, SBI, Bank of Baroda, Punjab and Sind Bank, UCO Bank have increased by 4 to 5 percent. Shares of Canara Bank, Bank of India, Punjab National Bank have seen a rise of 3 percent.
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Great return of 72 percent in 1 year
During the last one year, the Nifty PSU Bank Index has seen a rise of 72 percent. At the same time, this index has been successful in giving a return of 28 percent so far in 2024. In May, this index saw a decline of 2.9 percent. Whereas before that the Nifty PSU index was successful in giving positive returns for 6 consecutive months. Let us tell you, there has been a rise 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 believed to be the return of the NDA government. The PSU Bank Index gave excellent returns during the second term of the Modi government.
(This is not an investment advice. The stock market is subject to risks. Please seek expert advice before making any investment.)
