PNB share price hits 52-week high. Experts see more upside

livemint.com:

Stock market today: Shares of Punjab National Bank (PNB) witnessed huge buying interest during morning deals on Monday. PNB share price today opened with big upside gap at ₹83.15 apiece levels on NSE and went on to hit intraday high of ₹83.95 per share levels, which turned out a new 52-week peak for PNB shares. PNB share price rebounded strongly after touching intraday low of ₹82.30 per share afer profit booking trigger at 52-week high.

According to stock market experts, PNB share price is rising because most of the PSU stocks are witnessing buying interst after state assembly election results. They said that market is expecting the pro-BJP assembly results as an edge for incumbent government at center in Lok Sabha elections in 2024. They went on to add that Congress losing in these three states is expected to dent I.N.D.I.A.

alliance, which means advantage BJP in upcoming Lok Sabha polls 2024. So, economic reforms, focus on PSU and state-owned banks' profitability is expected to remain in government's focus. Also Read: SBI, M&M, Axis Bank to LT: Motilal Oswal recommends 14 stocks to buy after BJP win in assembly elections Connecting PNB share price rally with BJP's win in state assembly elections, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "PNB share price climbed to a new 52-week high because PSU stocks have been under rada of stock market bulls since morning.

This is beacause BJP has won three out of four states in recently ended state assembly elections. Fourth one is Telanga where BJP has minimal presence. Hence, BJP has continued its dominance in Hindi heartland, which is expected to continue in upcoming Lok Sabha elections 2024 as well." "As state assembly elections results are giving