Sensex turns volatile, Nifty hovers around 10,250; PSU banks decline
Amtek Auto, Castex Tech, REC and Religare Enterprises rallied 1-5 percent.
The market turned volatile and was moving in a tight range after showing a positive opening led by global cues.The 30-share BSE Sensex was up 130.73 points at 33,482.30 and the 50-share NSE Nifty gained 41 points at 10,283.70.
About two shares advanced for every share falling on the BSE.
Banks stocks were under pressure whereas index heavyweights HDFC twins, Reliance Industries, Infosys, and ITC capped losses.
Shares of Vedanta rose 2.5 percent as the company is going to consider interim dividend.
A meeting of the board of directors of the company will be held on March 13, to consider and approve first interim dividend on equity shares, if any, for the Financial Year 2017-18.
They will also consider dividend, if any, on the preference shares as per their terms of issuance.
Benchmark indices erased opened gains despite positive global cues, dragged by banks stocks.
The 30-share BSE Sensex was down 27.69 points at 33,323.88 and the 50-share NSE Nifty fell 7.10 points to 10,235.60 while the Nifty Midcap index slipped 0.34 percent.
PSU Bank index dropped 1.6 percent and Nifty Bank index was down half a percent.
Asian stocks advanced as markets cheered the news that US President Donald Trump had agreed to meet North Korean leader Kim Jong Un. The move higher also tracked moderate gains seen on Wall Street following the implementation of US metals tariffs.
Japan’s Nikkei and South Korea’s Kospi gained more than 1 percent while Hong Kong’s Hang Seng was up 0.8 percent.
Gearing up for crucial measures against tax evasion, the GST Council headed by finance minister Arun Jaitley will finalize a simpler return filing process and give approval for the rollout of e-way or electronic-way bill from April 1 in its 26th meeting in New Delhi on Saturday.