PNB, Trent, TVS Motor, Shriram Finance, and Zydus Lifesciences will replace these five stocks in the Nifty Next 50 index, effective from September 29, 2023.
RBI has told banks to maintain daily data on deposits and exchange of ₹2000 banknotes
The PSU lender has sold its entire 10.01% stake in the asset reconstruction company in a cash transaction.
The rally in PSU Bank index was led by index heavyweights such as Union Bank of India, State Bank of India, Bank of Baroda, Punjab National Bank, which rose up to 7%.
The upgrade reflects an improvement in India's macro profile to "Moderate+" from "Moderate", says Moody's.
With limited new stress formation and system growth itself picking up, JP Morgan sees further scope of re-rating at PNB.
Shares of Punjab National Bank hit a 52-week high after the government approved the divestment of its entire stake in UTI Asset Management Company.
The Sensex and Nifty are poised to open sharply lower on Thursday, in line with global equities as the U.S. Fed continued its hawkish policy stance to fight inflation.
PNB shares hit a 52-week low after its profit dropped 66% YoY to ₹201 crore due to higher provisions for bad loans and contingencies.
The Sensex and Nifty are set to fall at the open on Thursday, mirroring weakness in global peers as higher U.S. CPI inflation bolsters the case for an aggressive rate hike.
