TCS was biggest loser among Nifty50 stocks, falling more than 5 percent after big block deal.

Banks stocks saw heavy buying interest after Bank of India recovered Rs 7,000 crore worth of Standby Letter of Credits from other banks.

PSU Bank index was up 3.5 percent and Nifty Bank index gained 1 percent, outperforming the Nifty that rose 0.3 percent.

Bank of India, OBC, Union Bank, Bank of Baroda, Andhra Bank, Syndicate Bank, PNB, Canara Bank, Allahabad Bank, Indian Bank, IDBI Bank and SBI rallied up to 9 percent.

Axis Bank, ICICI Bank and Federal Bank gained around 1.5 percent.

The rupee inched higher by 9 paise to 64.95 against the US dollar on better-than-expected inflation numbers and mild selling of the greenback by exporters amid sustained foreign capital inflows.

However, the dollar gains against most major global currencies overseas limited the gains for the domestic unit.

A 7.5 percent growth in industrial output in January and selling of the American currency by exporters supported the rupee, forex dealers said.

Yesterday, the rupee ended higher by 13 paise to close at 65.04 against the US currency on the back of foreign fund inflows after sharp gains in equity markets and weakness in the dollar against global currencies.

10.00 am IST
TCS shares fall over 5%
Tata Consultancy Services Ltd shares fell 5.1% to Rs2,928 after Bloomberg reported that Tata Sons plans to sell $1.25 billion of its stake in the company. Tata Sons will sell 28.27 million shares of Asia’s largest software developer, or about 1.48% stake.

9.57 am IST
Banking stocks trade higher
Banking stocks gained after Bank of India said that it got recovery of Rs7,000 crore from other banks. Bank of India rose 10%, Andhra Bank 7%, Union Bank of India 6.3%, Oriental Bank of Commerce 6%, Bank of Baroda 5.2%, Karnataka Bank 5.2%, Syndicate Bank 5%, Punjab National Bank 5%, Allahabad Bank 5%, Corporation Bank 4.5%, Canara Bank 4%, IDBI Bank 4% and Dena Bank was up
3%.

9.53 am IST
Rupee, bond prices gain on softer inflation
The Indian rupee and 10-year bond prices gained after better-than-estimated consumer price index (CPI) inflation eased fears of near-term interest rate hikes by the Reserve Bank of India (RBI). The home currency opened at 64.93 a dollar. At 9.15am, the rupee was at 64.93 a dollar, up 0.17% from its previous close of 65.05. Yields on 10-year government bonds was at 7.613% compared to Monday’s close of 7.630%. Bond yields and prices move in opposite directions.

9:45 am Buzzing Stocks: Shares of Bank of India rose 10 percent on the back of recovery of Rs 7,000 crore from other banks.

source: moneycontrol.com