Equity benchmarks fell sharply after flat opening, dragged by index heavyweights Reliance Industries, HDFC twins, ITC.
The Reserve Bank of India's interest rate cuts -- 1.5 percent since early last year -- has helped drive yields lower, enabling banks to book treasury profits and clean up their balance sheets, says Arundhati Bhattacharya, chairperson of State Bank of India.
The market has opened in green but the Nifty is below 8700. The 50-share index is up 8.45 points at 8686.70 and the Sensex is up 42.38 points at 28127.54.
Adani Ports, SBI, M&M, Coal India, ICICI Bank are top gainers while BHEL, GAIL, Infosys, ITC and TCS are losers in the Sensex.
The Indian rupee opened at 66.68 a dollar, up 16 paise compared with 66.84 a dollar in previous session.
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