Market Now: Private Bank stocks up; ICICI Bank, YES Bank jump 2%

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Punjab National Bank dropped sharply by 8.47 per cent following the Rs 11,400 crore scam at one of its Mumbai branches.

Sentiment in India took a hit after the Reserve Bank of India late on Monday tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half-a-dozen existing loan-restructuring mechanisms.

At 10:31 AM, the BSE Sensex was trading at 34,340, up 40 points, while the Nifty50 index was trading at 10,557, up 17 point.

Sun Pharmaceutical Industries was marginally lower after its quarterly profit slumped 75 percent. Sensex jumped a high of 34,535 on Thursday and fell to a low of 34,194.67 against the previous session's closing of 34,155.95 points. Separately, industrial output grew 7.1 percent in December compared with 6.2 percent forecast in a Reuters poll. However, the broad market witnessed some volatility due to under-performance in financials.

Among sectoral indices, Nifty PSU Bank index, Nifty realty and Nifty media fall.

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A NEW STUDY conducted by The British Medical Journal has established a link between highly-processed foods and the risk of cancer. Also, they are unable to say which part of the processing chain might be responsible for any increase in cancer risk.

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

Japanese stocks were higher despite fresh gains for the yen, which had sent the Nikkei Stock Average to four-month lows on both Tuesday and Wednesday.

On the contrary, Indiabulls Housing Finance, Asian Paints and Aurobindo Pharma were among the top losers in the Nifty pack of stocks.

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.

The BSE mid-cap index edged higher by 0.17 per cent, while small-caps gained 0.16 per cent.