Nifty consolidates; PNB results lift PSU banks

14:17

Moneycontrol Bureau
Indian shares were taking a breather today after rallying over 10 percent in past one month. Record buying by foreign funds in cash market coupled with recent fall in crude and gold prices were some of the key drivers for this rally, says market watchers.

The Sensex was up 2.73 points at 19992 and the Nifty was up 3 points at 6072. About 1109 shares advanced, 1102 shares declined, and 157 shares remain unchanged.

Selective pharma stocks were under pressure on profit booking after touching life highs this week. Shares of Sun Pharma and Lupin were trading lower today.

IT stocks continued their northbound journey in May after relentless selling by traders in April. Cognizant's optimistic revenue guidance of 17 percent lifted sentiments of the sector.

Punjab National Bank, Reliance Infra, HCL Tech, SBI and Bank of Baroda were key gainers in the Nifty. Laggards included

Sun Pharma, NMDC, Jindal Steel, Axis Bank and Ranbaxy Labs, down between 1.5 to 3 percent.

Shares of PSU banks surged in the afternoon trade after India's No. 2 state lender Punjab National Bank reported sharp fall in its gross non performing assets. SBI, Bank of Baroda, Union Bank were up between 2 to 5 percent.

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