What is the deal with PSU banks?

Why is the market so euphoric on PSU banks? Unbelievable returns in short term. Is it pure speculation?or any other drivers? Of course NII has gone up due to interest rate hikes. Any opinion or whether they are overbought?

Speculation does not happen with an entire sector, more so in a sector which has long history. Market is optimistic about PSBs growth, so sector is going up and up.

PSU banks lagged till now, so they seem to have good value, hence value investors might be buying. I am not an expert. Someone told me this on this forum in another discussion.