Market Update: PSU bank index falls 1% dragged by Allahabad Bank, SBI; Vedanta, Airtel top gainers

The Indian benchmark indices were trading in the green on Friday morning with the Nifty gaining 21 points at 10,267 while the Sensex was up 69 points.

The Nifty PSU banking index was down over 1 percent dragged by Allahabad Bank which fell over 3 percent followed by Canara Bank, State Bank of India and Syndicate Bank.

From the Nifty the stocks which gained the most were Vedanta which was up 1.8 percent while Bharti Airtel gained 1.3 percent. Adani Ports, Tata Steel and Bajaj Auto were the other top gainers.

The most active Nifty stocks included Vedanta, Tata Steel, SBI, Ashok Leyland and IDBI Bank.

The top losers included NTPC and State Bank of India, each shedding over 1 percent while Yes Bank, Coal India and BPCL were the other losers.

The top Sensex gainers were Videocon which jumped 5 percent followed by INOX Leisure, Vakrangee and Religare, each adding over 3 percent. IFCI added 2.8 percent in the morning trade.

Ashok Leyland and Rane Holdings were two of the few stocks that hit new 52-week high.

53 stocks hit new 52-week low including Aban Offshore, Allahabad Bank, BEML, Gitanjali Gems and United Bank of India among others.

The market breadth was in favour of the declines with 677 stocks advancing while 854 declined and 468 remained unchanged. On the other hand, in the BSE, 850 stocks advanced and 736 declined and 67 remained unchanged.

CLSA has maintained a buy on INOX Leisure with target of Rs 330. The house is of the view that the company has seen strong rebound in ad revenue growth with footfall monetisation in terms of F&B spends to be next key focus area.

The firm expects screen addition to accelerate in FY19 with the company remaining well placed to drive inorganic growth. Sustainable improvement in footfall monetisation can close valuation gap with PVR, it added.