Sensex Up 140 Points In Early Trade; Nifty Nears 10550

Sensex climbs over 130 points Nifty above 10,550

The management tried to assuage investor concerns a day after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million) at one of its branches in Mumbai.

The Reserve Bank of India abolished half a dozen existing loan-restructuring mechanisms and instead provided for a strict 180-day timeline for banks to agree on a resolution plan in case of a default or else refer the account for bankruptcy.

The NSE Nifty gained 47.45 points, or 0.45 per cent, to 10.548.35.

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.

On Wednesday, the Sensex ended 144.52 points or 0.42 per cent down at 34,155.95 in a volatile trading session. Meanwhile, the Nifty was trading higher by 44.95 points or 0.43% at 10,545.85 with 32 components gaining.

However, it slipped on profit-booking to touch a low of 34,028.68.

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DIIs bought shares worth Rs 1,342.70 crore on net basis, while foreign portfolio investors (FPIs) sold shares worth Rs 814.11 crore on net basis on Monday, provisional data showed.

WPI inflation easing to the six-month low of 2.84 percent in January and encouraging earnings by some blue chips boosted the sentiments, brokers said.

Headline consumer price inflation is expected to slow to 1.9 percent a year, with core inflation at 1.7 percent, Reuters reported.

ICICI Bank (up 3.3 per cent), Infosys (up 1.6 per cent) and ONGC (up 1.2 per cent) were the top gainers on the BSE, while Hero MotoCorp (down 2 per cent) shed the most.

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.

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