Sensex gains 100 pts, Nifty Bank hits record high; Bharti Infratel up 4%

Equity benchmarks extended gains in noon, with the Nifty eyeing 9150 ahead of expiry of March derivative contracts due Thursday, backed by banks.

The 30-share BSE Sensex was up 107.27 points at 29,516.79 and the 50-share NSE Nifty rose 29.20 points to 9,130.

Bank Nifty touched a new high of 21,384 on hopes of early resolution to rising non-performing assets, up nearly a percent.

Vinod Rai, Chairman of the Banks Board Bureau, said on Tuesday that should the government create a “bad bank” to tackle bad loans, it would be essential to empower and capitalise it.

He said that while bad banks had been a success in countries such as Spain and Indonesia, its success in India would depend on appointing qualified personnel.

Bank of India, Canara Bank, SBI and ICICI Bank gained 1-2.5 percent followed by HDFC Bank.

Bharti Airtel said it sold a 10.3 percent stake in its telecom tower unit Bharti Infratel to US private equity firm KKR & Co LP and Canada Pension Plan Investment Board for more than Rs 61.9 billion (USD 952.75 million). Bharti Infratel gained 4 percent.

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Sensex gains 100 pts, Nifty Bank hits record high; Bharti Infratel up 4%