Indian equity market opened higher but it pared gains to slip into negative note, with the Nifty and Nifty Bank trading well below its Friday's low due to further correction in PSU banks.
At 10:59 AM, the BSE
Sensex was trading at 33,844, down 167 points, while the Nifty50
index was trading at 10,399, down 53 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 0.68% and 0.57%, respectively.
PSU bank stocks continued to trade lower in the second week after Punjab National Bank
disclosed a ~Rs11,600cr fraud eroding nearly Rs9,000cr in market cap in three sessions.
KPR Mill stock zoomed 6% ahead of board meeting to consider share buyback this week.
hit 20% upper circuit on Monday as investors cheered developments surrounding its takeover bid.
Volatility index India VIX dropped 2.85% at 16.8450.
Infratel (+1.7%), UltraTech (+1%), Ambuja (+0.80%), GAIL (+0.62%) and Vedanta (+0.41%) were the top gainers on Nifty50.
Tata Steel (-3.3%), Zee (-2.3%), Bajaj Fin (-1.7%), SBI (-1.4%) and Cipla (-1.3%) were the top losers in today’s trade.
Out of 2020 stocks traded on Nifty, 447 advanced, 1,133 declined and 440 remained unchanged.
A total of six stocks registered a fresh 52-week high in trade today, while 31 stocks touched a new 52-week low on the NSE.