Equity indices up amid positive global cues, banking stocks gain

Equity benchmark indices gained during early hours on Friday tracking positive cues from their Asian peers with banking and metal stocks leading the rally. At 10:15 am, the BSE SandP Sensex was up by 414 points or 0.81 per cent at 51,694 while the Nifty 50 ticked up by 114 points or 0.75 per cent to 15,288. But Nifty pharma fell by 0.5 per cent and FMCG by 0.4 per cent. Most sectoral indices at the National Stock Exchange were in the positive terrain with Nifty metal up by 1.6 per cent, PSU bank by 1.1 per cent and private bank by 1 per cent. Among stocks, IDBI Bank surged by 12 per cent to Rs 43.10 after the Reserve Bank of India (RBI) removed it from the prompt corrective action (PCA) framework on improving finances and credit profile.