SBI Shares Climb Almost 2%; PSU Banks Rally, Nifty Bank Gains on SBI Mutual Fund IPO Filing News
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SBI Stock Surges 2% as Mutual Fund IPO Filing Boosts PSU Banks, Nifty Bank
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Moneycontrol•20-03-2026, 14:19
SBI Stock Surges 2% as Mutual Fund IPO Filing Boosts PSU Banks, Nifty Bank
•State Bank of India (SBI) shares rose nearly 2% following news of its asset management arm, SBI Funds Management, filing draft papers for an IPO.
•The IPO filing by SBI Funds Management, India's largest asset manager with over Rs 12.6 lakh crore AUM, is seen as a key value unlocking trigger for SBI.
•The positive sentiment extended to the broader PSU banking sector, with the Nifty PSU Bank index surging 2.54%, outperforming the Nifty Bank index.
•Bank of Maharashtra led the gains among individual PSU bank stocks, rising 5.4%, followed by Indian Overseas Bank and Bank of India.
•The rally in PSU banks contributed to a positive market breadth, with 2,595 shares advancing against 1,237 declines.
