A sharp slide in Chinese stocks pulled Indian stocks off higher level in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 36.14 points or 0.14% at 25,994.77. The Nifty 50 index was up 14.45 points or 0.18% at 7,898.25. The pull back came soon after the Sensex surged to 2-1/2-week high and the Nifty to 3-week high. The Sensex fell below the the psychological 26,000 mark after retaining that level earlier during the trading session. Earlier, the Sensex alternately swung above and below the psychological 26,000 mark in early trade after reclaiming that level when it opened with an upward gap.
In overseas stock markets, reports of Chinese authorities' investigations into two major Chinese brokerages over suspected violations sent stocks tumbling in mainland China. The Shanghai Composite was currently off 5.48%. In Hong Kong, the Hang Seng index was currently off 1.54%.
The market breadth indicating the overall health of the market was positive. On BSE, 1,175 shares rose and 1,163 shares fell. A total of 205 shares were unchanged. The BSE Mid-Cap index was up 0.2%, outperforming the Sensex. The BSE Small-Cap index was up 0.07%, underperforming the Sensex.
Index heavyweight Reliance Industries (RIL) fell 1.01% to Rs 977.75. The stock hit high of Rs 992 and low of Rs 974.35 so far during the day.
Bank stocks logged gains across the board. Among private bank stocks, HDFC Bank (up 0.66%), Kotak Mahindra Bank (up 1.12%), ICICI Bank (up 1.46%), Axis Bank (up 1.09%), IndusInd Bank (up 0.35%) and Yes Bank (up 1.26%) gained.
Among PSU bank stocks, State Bank of India (SBI) (up 0.93%), Punjab National Bank (up 2.51%), Bank of Baroda (up 2.94%), Canara Bank (up 1.66%), IDBI Bank (up 2.89%), Bank of India (up 1.5%) and Union Bank of India (up 2.28%) advanced.
Meanwhile, according to the latest quarterly statistics released by the Reserve Bank of India (RBI), the growth in aggregate deposits and gross bank credit of commercial banks decelerated to 10.2% and 8.9%, respectively, in September 2015 from 12.3% and 9.5%, respectively, a year ago. The deceleration was in deposit and credit growth was broad based across population groups except for constant deposits growth in semi-urban areas and accelerated growth in gross bank credit in urban areas.
Telecom stocks declined. Idea Cellular (down 2.14%), Bharti Airtel (down 0.22%), MTNL (down 2.55%), Tata Teleservices (Maharashtra) (down 1.99%) and Reliance Communications (down 0.2%) edged lower.
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