Sensex jumps over 250 points; PNB tanks further


Equity tips:-










  • 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.

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    Reliance Industries (up 1.5 percent) and HDFC Bank (up 1 percent) led the recovery. Vedanta, ONGC, Tata Motors and IndusInd Bank gained 1-2 percent.
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