Sensex, Nifty hold early gains; PNB Housing Finance jumps 16%
Equity benchmarks continued to hold early gains with the Nifty trading above 8500 level, led by short covering and positive Asian cues. It is a relief rally after losing more than 2 percent in last week on account of uncertainty over US presidential elections.
Lupin topped the buying list on Sensex, up nearly 6 percent. Aurobindo Pharma, ITC, BPCL, BHEL and PNB gained 2-4 percent while HDFC, TCS, HUL, L&T and Bajaj Auto were losers.
Asian markets were mostly higher, after the Federal Bureau of Investigation (FBI) again cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe.
The market has opened with strong gains supported by firm global cues as FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe.
The Sensex is up 280.29 points or 1 percent at 27554.44, and the Nifty up 99.75 points or 1.2 percent at 8533.50. About 639 shares have advanced, 96 shares declined, and 41 shares are unchanged.
Lupin is up 7 percent while Sun Pharma, ICICI Bank, SBI and Adani Ports are gainers. Tata Motors is in red. Boosted by strong Q2 results, PNB is up 5 percent.
The Indian rupee opened marginally lower by 4 paise at 66.74 per dollar versus 66.70 Friday.
"Weak US economic data and dollar index will help rupee gain today. The rupee is likely to head towards 66.50/dollar levels and the trading range for the day is likely to be between 66.50-66.80/dollar."