NEW DELHI: Boosting the sectoral index, most PSU bank stocks were trading with gains in morning trade on Monday ahead of RBI policy meet beginning today.The Nifty PSU Bank index was trading 2.71 per cent up at 3,177 around 10:20 am, with Bank of Baroda (up 8.20 per cent) surging over 8 per cent.Bank of Baroda's net profits more than doubled in the first quarter of the current fiscal year as it reported higher interest income and saw a dip in provisions for bad loans.
Punjab National Bank (up 3.90 per cent), Union Bank of India (up 3.23 per cent), Syndicate Bank (up 3.20 per cent), Oriental Bank of Commerce (up 2.83 per cent), Bank of India (up 2.66 per cent), Andhra Bank (up 2.10 per cent), Canara Bank (up 2.01 per cent), State Bank of India (up 1.92 per cent), Indian Bank (up 1.63 per cent) and Allahabad Bank (up 1.44 per cent) all were witnessing decent traction.IDBI Bank (down 0.33 per cent) was the lone loser in the index around that time.Equity benchmarks erased early gains and turned flat amid weak global cues ahead of key central bank, including Bank of Japan and the Federal Reserve meetings, scheduled this week.Benchmark NSE Nifty50 index was down 7 points at 11,271, while the BSE Sensex was too being 7 points down at 37,329.Among the 50 stocks in the Nifty index, 24 were trading in the green, while 26 were in the red.
State Bank of India, HPCL and Vedanta were leading the pack of Nifty gainers.