Nifty PSU Bank soars on Modi wave, hits historic high with over 5% surge as exit polls hint at decisive victory
Bank of Baroda leading the charge with a notable gain of 7%, followed closely by Bank of India with a rally of 4.7% and SBI with a solid 5% increase. Also Read: Indian Stock Market: Exit polls sentimental positive for capex stocks: JefferiesAdditionally, stocks such as Canara Bank, Indian Bank, Punjab National Bank, UCO Bank, Punjab & Sind Bank, Union Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Central Bank of India all posted gains ranging between 3% and 4.9%.The majority of exit polls indicated that the BJP-led NDA alliance will comfortably secure between 350 and 390 seats of the 543 seats in the Lok Sabha, the lower house of India’s Parliament.A party or coalition needs 272 seats in parliament to form a government.
The BJP-led coalition, the National Democratic Alliance (NDA), will cross this target, according to exit polls, which forecast it being close to taking about two-thirds of the seats.The expectation that the BJP will come to power in the Lok Sabha elections was strengthened by its victory in three key state elections out of four in December. Analysts have previously indicated that if the BJP is sworn into power, the continuation of economic reforms in India will be a positive factor for the country's financial markets.Also Read: With political stability secured, no worry for the economy: IIFL’s Nirmal JainIn recent years, the performance of public sector banks (PSBs) has experienced a remarkable transformation.
After recording unprecedented losses of Rs. 85,390 crore in FY’18, PSBs have achieved a record profit of Rs.
1.4 lakh crore in FY’24. The net profits of PSBs have more than quadrupled over the last three years.Key drivers of this turnaround include significant treasury gains, a
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