Market opens higher; Jewellery stocks in focus on PNB fraud

New Delhi: Stock markets opened higher on Thursday on positive global cues. The BSE Sensex zoomed over 100 points while the NSE Nifty inched up close to 30 points.

Jewellery stocks will be in focus through the day following Punjab National Bank fraud. Shares of PNB were down 7.37 percent to Rs 135.05 a piece at 9:24 am.

In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a USD 1.77 billion scam in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

Sensex succumbed to fag- end profit-booking to end 144 points lower at 34,156 yesterday after banking stocks tumbled on RBI's new norms for recognising stressed assets. The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.