Sensex rises 167 points in early trade on firm global cues

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On Wednesday, a massive sell-off in banking sector stocks pulled the equity indices lower.

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 wider Nifty50 of the National Stock Exchange edged higher by 44.60 points or 0.42 per cent to provisionally close at 10,545.50 points (at 3.30 p.m.).

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.

The NSE Nifty50 index was up 82 points at 10,583, while the BSE Sensex was 253 points up at 34,409.

Sun Pharmaceutical Industries was marginally lower after its quarterly profit slumped 75 percent.

The benchmark BSE Sensex closed down 0.42 percent at 34,155.95.

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Major gainers were ICICI Bank 2.67 per cent, Infy 2.04 per cent, Yes Bank 1.73 per cent, Adani Ports 1.55 per cent and HDFC 1.35 per cent.

Punjab National Bank, which plunged 9.81% yesterday on detection of fraudulent transactions worth $1.77 billion (about Rs 11,335 crore) fell further 8.09% today to 134 level.

While latest consumer inflation data, which showed prices in December had eased from a 17-month high failed to have much impact on banks, it is largely seen as positive for lenders who stand to gain from their government bond holdings.

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.

HCL Technologies and Wipro Ltd gained around 1.5 percent each.

Losers include Hero Motocorp (-1.41%) and Asian Paints (-0.39%).