Market Update: PSU banks push Nifty higher led by BoB, PNB; RIL, GAIL up 1-3%, PC Jeweller zooms 38%

The Indian equity market extended gains and was trading on a positive note on Monday afternoon with the Nifty gaining 79 points and was trading at a shade below 10,700 at 10,697 while the Sensex was up 248 points or 0.71 percent.

Bank Nifty was marginally up led by Axis Bank, Bank of Baroda, Punjab National Bank, Bank of India, ICICI Bank, State Bank of India  and Canara Bank. State Bank of India was also higher by 2 percent along with Yes Bank.

Oil & gas stocks were also trading higher led by GAIL India which jumped 3 percent while ONGC was up 2 percent. Reliance Industries was trading higher by over 1 percent.

CNX Realty was up 1 percent led by stocks like Godrej Properties which added 5 percent while Oberoi Realty and Prestige Estates were the other gainers.

Nifty auto added 1 percent led by Mahindra & Mahindar which was up 2 percent while Apollo Tyres and TVS Motor were the other top auto gainers.

The top Nifty gainers included GAIl India which was up 3 percent followed by M&M and Axis Bank which added 2 percent each. The other gainers included Hindalco Industries and ICICI Bank.

The most active Nifty stocks included PC Jeweller which zoomed 38 percent. Tata Consultancy Services, Wockhardt, NIIT Tech and ICICI Bank were the other active stocks.

The top Nifty losers were Lupin which shed 2 percent while Coal India, Dr Reddy's Labs and TCS were down 1 percent each. Bharti Infratel also traded lower.

The top BSE gainers included PC Jeweller which jumped 38 percent while Greaves Cotton added close to 7 percent. Pfizer, Hathway and Bombay Burmah Trading were the other top BSE gainers.

The top BSE losers included names like Wockhardt which shed close 8 percent while Indoucount Industries, Ujjivan Financial and KEC International were the other losers.

Cyient, Intellect Design, Jubilant Food, Divis Labs and Khadim were few of the stocks that hit fresh 52-week high in the morning trade.

On the other hand, 84 stocks hit new 52-week low including names like Chennai Petro, Hindustan Petroleum Corporation, IDFC Bank and NBCC among others.

The market breadth was in favour of the advances with 976 stocks advancing while 744 declined and 339 remained unchanged. On the other hand, in the BSE, 1345 stocks advanced and 1252 declined and 145 remained unchanged.