The Indian benchmark indices are trading on a positive note with Sensex up 213.98 points or 0.53 percent at 40500.46, and the Nifty gained 53.10 points or 0.45 percent at 11925.20.
Nifty PSU Bank is the outperforming sector, up over 3 percent after Supreme Court sets aside NCLAT judgement giving upper hand to banks.
The court has held that it is the bank's decision to maximise the value of he corporate debtor and added that the CoC should also balance the interests of all stakeholders.
The top gainers from the banking space included State Bank of India which jumped 4 percent followed by PNB, RBL Bank, ICICI Bank, Bank of India, Canara Bank, Syndicate Bank and Oriental Bank of Commerce.
Auto stocks are also buzzing led by gains from Tata Motors which added 2 percent followed by Mahindra & Mahindra and TVS Motor Company.
Metal stocks remained under pressure, the top losers included Hindustan Copper, Hindustan Zinc, JSW Steel, MOIL, SAIL and Vedanta.
The top gainers from Nifty index are Bharti Airtel which spiked close to 7 percent following a buy call from UBS while Bharti Infratel, State Bank of India, Tata Motors and Grasim Industries are the other gainers.
The most active stocks included SBI, ICICI Bank, Bharti Airtel, Relianec Industries and YES Bank.
Share price of Fortis Healthcare tanked over 14 percent intraday on Friday after the Supreme Court in its ruling held Singh brothers, Fortis Healthcare guilty of contempt. The court said Malvinder and Shivinder Singh can 'purge' contempt by depositing Rs 1,175 crore each.
The SC also refused to lift stay on IHH Healthcare's open offer for Fortis and launched a suo moto contempt against Fortis. The court said, "Issue of open offer to be decided when hearing the contempt case of Fortis."
About 965 shares have advanced, 994 shares declined, and 100 shares are unchanged.
CreditAccess Grameen, Navin Fluorine, SRF, Dixon Technologies, ICICI Bank, Suven Life, Bajaj Finserv and HDFC Bank have hit new 52-week high on the NSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
