Market Update: PSU bank, metal stocks push Sensex, Nifty higher; SBI, IOC jump 3-4%, ICICI Bank most active

The Indian equity market were on a  strong footing on Tuesday afternoon with the Nifty jumping 75 points at 10,197 mark while the Sensex was up 191 points or 0.56 percent.

The Nifty PSU bank index jumped over 3 percent led by IDBI Bank, State Bank of India, Syndicate Bank, Union Bank of India, Allahabad Bank, Bank of Baroda and Punjab National Bank. All PSU banks were in the green.

The Nifty midcap index was up 1.8 percent led by Apollo Tyres, Biocon, GMR Infra, IFCI, HPCL, IDBI Bank, Just Dial, PFC, Steel Authority of India, India Cements and Voltas.

The Nifty metal index was also up 1.8 percent aided by stocks including names like Jindal Steel and Power, Tata Steel, Hindalco Industries, Hindustan Copper, Vedanta, SAIL, Welspun Corp and JSW Steel among others.

The top Nifty gainers included Indian Oil Corporation and HPCL which jumped over 4 percent each followed by Hindalco Industries, State Bank of India and Indiabulls Housing Finance which jumped over 3 percent each.

The most active Nifty stocks included Bandhan Bank which got listed today and zoomed 31 percent in the afternoon trade. ICICI Bank, State Bank of India, HDFC and Tata Steel were the other active stocks.

The top BSE gainers included JM Financial which jumped 8 percent followed by Sobha which added 7.5 percent. PNB Housing added 7  percent while MOIL was up 6 percent.

Bharat Financial Inclusion, Cholamandalam Investment, Nestle India and Jubilant Foodworks were few Nifty stocks which hit fresh 52-week high in today's trade.

114 stocks hit new 52-week low including names like Gitanjali Gems and Global Offshore among others.

The market breadth was in favour of the advances with 1331 stocks advancing while 392 declined and 301 remained unchanged. On the other hand, in the BSE, 1868 stocks advanced and 704 declined and 138 remained unchanged.