This story is from February 20, 2018

Markets open with modest gains as Sensex looks to regain 34,000-mark

Markets open with modest gains as Sensex looks to regain 34,000-mark
NEW DELHI: On Tuesday, the benchmark equity indices got off to a positive start as Sensex extended gains beyond 100 points in initial trading.
The 30-share BSE index opened with a jump of 40 points on 33,913.34 while the broader 50-share NSE Nifty gained 12.60 points to open on 10,391. In morning trade, all sectoral sub-indices with the exception of Nifty PSU Bank were in the green, resulting in Sensex and Nifty going up by 0.30 per cent in early trading.

On Monday, under pressure from bank stocks, the markets had slumped with Sensex tanking below the 33,500-mark in intra-day trading. The indices however, pared some losses in the last hour of trading yesterday.
Bank stocks have been dragging the markets down since the multi-crore PNB scam broke out. Following the fall in share prices on Monday, the collective value of 21 PSBs — including SBI — stands at about Rs 4.3 lakh crore, which is Rs 59,000 crore lower than HDFC Bank’s nearly Rs 4.9-lakh-crore market capitalisation. PSB shares have been beaten so badly that even a small regional lender like City Union Bank has a market capitalisation of Rs 11,541 crore, which is higher than a large pan-Indian nationalised bank like Union Bank (Rs 9,396 crore).
On Monday, TCS, Tata Steel, Bharti Airtel and Dr. Reddy were gaining the most in early trade while pharma and bank stocks were bleeding.
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