Market Now: Private Bank stocks up; ICICI Bank, YES Bank jump 2%

Sensex jumps 200 points Nifty reclaims 10,600 on positive global cues

Sensex jumps 200 points Nifty reclaims 10,600 on positive global cues

The benchmark BSE index opened higher at 34,436.98 on positive domestic and global cues and advanced to hit a high of 34,473.43. It finally ended 144.52 points or 0.42% down at 34,155.95.

The S&P BSE Sensex ended at 34,297, up 141 points, while the broader Nifty50 closed at 10,546, up 45.65 points.

Meanwhile, select public sector banks faced selling pressure on Thursday, especially Punjab National Bank following the detection of fraud worth United States dollars 1.8 billion (Rs 11,333 crore), according to media reports.

"PNB fell 9.8 per cent as investors wondered about the impact of the fraud on the profits or book value of the bank even as they await data about the possibility and extent of recovery that is possible", Jasani told IANS. Data released after market hours on Monday showed that industrial output expanded by 7.1% in December on robust performance by manufacturing and capital goods sectors.

Calculated on the basis of Wholesale Price Index (WPI), the inflation was 3.58 per cent in December 2017 and 4.26 per cent in January 2017. "Strong IIP growth and slowing retail inflation is providing some signs of stabilisation in economy".

Tata Motors, Yes Bank, Reliance Industries and Maruti Suzuki, rising up to 2.17 percent.

Meanwhile, Hong Kong's Hang Seng was up 1.69 percent and Shanghai Composite Index by rose 0.45 percent in early trade.

Hero MotoCorp, Infosys, Kotak Mahindra Bank and Asian Paints, falling up to 2.62%. The BSE mid-cap index edged higher by 0.17%, while small-caps gained 0.16%.

South Indian Bank (down 0.18 per cent) was the only stock in the Nifty Private Bank index that was slightly down around that time.

In global markets, Asian stocks gained on Thursday after Wall Street brushed aside strong USA inflation data and surged, a counterintuitive move that also saw the dollar pinned at two-week lows even as Treasury yields jumped in anticipation of a quicker pace of USA interest rate hikes.

16 per cent higher in yesterday's trade.

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