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Sensex jumps over 250 points; PNB tanks further

Benchmark indices opened higher following positive lead from global peers. Today’s gains were led by HDFC Bank, ICICI Bank, Reliance Industries and Infosys.

Equity indices made a positive start to the session, mirroring the trend in global markets, and led by gains in shares of metal, financial services and information technology companies.

At 10:05 AM, the BSE Sensex was trading at 34,397, up 251 points, while the Nifty50 was ruling at 10,576, up 75 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.