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Sensex, Nifty off opening highs; PNB, Fortis down 2%

Equity indices opened higher, gaining strength from a continuing rebound in global equities, amid broad-based gains led by metal, media and information technology companies. Continued weakness in shares of public sector banks, however, limited the gains.

At 10:12 AM, the BSE Sensex was trading at 34,329, up 32 points, while the Nifty50 was ruling at 10,562, up 17 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.17% and 0.43%, respectively.

Shares of Punjab National Bank and Union Bank of India fell owing to concerns regarding the ~Rs11300cr fraud, and the Nifty PSU Bank extended its losing streak to the fifth consecutive session.

Indoco Remedies gained 3% as it has received certification for its Goa plant.

Shares of Gitanjali Gems breached lower circuit, falling 20%, over its alleged involvement the PNB scam.

Shares of metal companies extended gains today. The Nifty Metal index rose over 1%.

All sectoral and thematic indices on the National Stock Exchange were in the green in the early session, up 0.4-1.6%.

Volatility index India VIX slipped 4.39% at 15.5975.

HCL Tech (+2.9%), Ambuja (+2.7%), Infosys (+1.9%), TCS (+1.9%) and Dr.Reddy’s (+1.8%) were the top gainers on Nifty50.

BPCL (-0.80%), HUL (-0.53%), Adani Ports (-0.52%), Sun Pharma (-0.41%) and Power Grid (-0.38%) were the top losers in today’s trade.

A total of 10 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.