Nifty above 10,600 led by ICICI Bank
At 11:15 AM, the BSE Sensex was trading at 34,374, up 217 points, while the Nifty50 was ruling at 10,565, up 61 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices rose 0.70% and 0.49%, respectively.
However, weakness in banking stocks, especially those of public sector banks, due to the Rs11,400cr fraud at Punjab National Bank, kept the overall gains limited.
Shares of PNB fell over 5% and dragged the Nifty PSU Bank index 0.3% lower. Axis Bank's stock was down 1% after media reports said the lender has significant exposure to the scam at PNB.
Shares of Gitanjali Gems slumped over 10.5% as the company has been under the scanner in the PNB scam.
Metal companies were among the top gainers, with the Nifty Metal index rising over 1%, led by chart topping gains in shares of Vedanta.
Zee Learn has announced that it has signed definitive agreements to invest Rs200cr un MT Educare Ltd through a preferential allotment of equity shares. Both the stocks gained over 1.5%.
Volatility index India VIX slipped 4.58% at 16.3975.
Vedanta (+2.5%), Infratel (+2.2%), ICICI Bank (+2.2%), Yes Bank (+1.9%) and A=SBI (+1.8%) were the top gainers on Nifty50.
Asian Paints (-1.2%), Axis Bank (-0.99%), Aurobindo (-0.86%), Bharti Airtel (-0.62%) and Wipro (-0.46%) were the top losers in today’s trade.
A total of 26 stocks registered a fresh 52-week high in trade today, while 10 stocks touched a new 52-week low on the NSE.
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