Sensex, Nifty rise PSU bank stocks fall

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Sensex, Nifty edged higher in early trade on Wednesday, as firmness in Asian stocks elevated sentiment. The BSE Sensex rose over 130 points and NSE Nifty gained 84 to start the day at 10,539.75. Shares of HDFC, Bharti Airtel, Adani Ports, Reliance Industries, HDFC Bank, L&T and Wipro were the top gainers among the Sensex components in early trade, while shares of Power Grid, ICICI Bank, SBI, Axis Bank, and ONGC were the major losers.

Shares of GAIL India rose 1.9 percent after the company reported a rise of 28 percent in Q3 net profit to Rs 687.93 crore.

Bank of India shares fell 3.2% to Rs140.25 after it reported a net loss of Rs2,341.10 crore during the third quarter ended 31 December as provisioning for bad loans rose 72% due to high non-performing assets ratio

Nifty PSU Bank Index down over 1% as RBI regulates NPA recognition norms. Punjab National Bank, Bank of India, Canara Bank, IDBI Bank were down 4 to 1%.

Shares of DLF rose over 1 % after the company reported a over 40-fold rise in its consolidated net profit to Rs 4,091.27 crore for the Oct-Dec period of 2017, driven by a deemed gain from stake sale in the rental arm to GIC.