Benchmark indices took quite a U-turn in the late morning trade by erasing losses from early morning trade. The Nifty is just above the crucial 10,700 marks. Investors were cautious ahead of the speech by Federal Reserve chairman Jerome Powell, awaiting possible clues on interest rate cuts.
According to the media reports, the government is working on steps to give cushion to the economy that may include an exemption foreign portfolio investors from tax on super-rich announced in the budget.
Currently, the Sensex is up 55 points at 36,528, and the Nifty is higher by 26 points at 10,768.
The Nifty PSU Bank index gained nearly 2% led by Bank of Baroda, Canara Bank and Yes Bank. Allahabad Bank and Syndicate Bank rose 2%, Union Bank and SBI climbed 1.5% each.
Among the Nifty 50 stocks, 37 shares are trading higher and 13 are trading lower.
The most active stocks on the NSE included Yes Bank, Indiabulls Housing, IndusInd Bank and ICICI Bank.