Nifty holds above 10,550 mark; PNB falls 4%

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Domestic equity indices started the session on a marginally positive note, tracking firm cues from most global markets even as gains were limited by a weakness in banking stocks.

At 10:31 AM, the BSE Sensex was trading at 34,340, up 40 points, while the Nifty50 index was trading at 10,557, up 17 point.

Banking stocks, especially the state-owned ones, were the weakest today as the RBI's revised norms on resolution of non-performing assets are seen increasing their bad loans ratio. The Nifty PSU Bank fell over 1%, led by fall in shares of Punjab National Bank after it declared that it has observed fraudulent transactions worth $1.77 bn at one of its branches.

Shares of GAIL rose over 1% as investors shrugged off marginally lower-than-expected Oct-Dec net profit on 1-for-3 bonus share issue.

Share price of Precision Camshafts gained 4% on receiving multiple orders worth Rs275cr.

Shares of metal, information technology and infrastructure companies were the strongest in early trade today, while those of banks and pharmaceutical companies were the weakest.

The BSE MidCap Index gained 0.67% and the BSE SmallCap Index gained 0.77%.

Volatility index India VIX slipped 2.39% at 17.4550.

Airtel (+2.5%), Indiabulls HF (+2.2%), HCL Tech (+1.9%), Bajaj Fin (+1.93%) and Vedanta (+1.5%)   were the top gainers on Nifty50.

Infratel (-2.6%), Sun Pharma (-2.3%), Power Grid (-2.1%), Axis Bank (-1.8%) and SBI (-1.6%) were the top losers in today’s trade.

A total of 18 stocks registered a fresh 52-week high in trade today, while five stocks touched a new 52-week low on the NSE.

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