Stocks Radar: PSU Banks, Motherson Sumi, RPG Life

Indian equity benchmarks swung between gains and losses in early trade while most of its Asian peers lost ground following a sharp sell-off on Wall Street led by technology stocks.

The S&P BSE Sensex rose as much as 0.2 percent to 33,318.3 while the NSE Nifty 50 Index was up 0.2 percent to 10, 229.5.

The market breadth was tilted in favour of the buyers. Twelve of the 19 sector gauges on the BSE climbed, led by a 0.6 percent rise in the S&P BSE Bankex Index. The S&P BSE Metal Index was the top sectoral loser, down 1 percent.

Here Are The Stocks Moving The Market This Morning:

PSU Banks Jump After RBI Allows Spreading Debt Losses

The NSE Nifty PSU Bank index jumped as much as 2.9 percent. Union Bank of India and Bank of Baroda were the top gainers on the sectoral index.

In a circular issued yesterday, the RBI said that banks can spread out the mark-to-market losses taken on their bond portfolios over a period of four quarters. This would give banks a significant relief on the earnings front, considering that bond yields have risen sharply over the past six months.

The regulator has also advised banks to build an 'Investment Fluctuation Reserve' starting 2018-19 which should be at least 2 percent of the hold-to-maturity and available-for-sale portfolio. (To read more on this story, click here)

Also Read: Analysts Say Sell India Bank Stocks on RBI-Induced Relief Rally

Motherson Sumi: Rises On Deal To Buy Reydel Automotive

Shares of the Noida-based auto parts manufacturer rose as much as 5.3 percent to Rs 340.5, the highest since mid-February this year.

A unit of Motherson Sumi Systems Ltd., Samvardhana Motherson Automotive Systems, will acquire Reydel Automotive Group, an auto interior components and modules maker for $201 million, or about Rs 1,300 crore, from Cereberus Capital, according to an exchange filing. The deal will be financed by using existing cash and banking limits.

Trading volume was 10.4 times the 20-day average. The stock has returned a negative 11 percent this year as compared to Sensex's negative return of 2.2 percent.

RPG Life: Block Deal Boost

Shares of the Mumbai-based specialty pharmaceutical firm rose as much as 10 percent to Rs 436.9, extending gains to a second consecutive trading session.

71 lakh shares of RPG Life Sciences Ltd. changed hands in a single block deal during pre-market trading. Trading volume was, understandably, higher at nearly 78 times the 20-day average.

RPG Life trades at nearly 45 times trailing 12-month earnings per share. The stock fallen 10.5 percent so far this year.

Galaxy Surfactants: Fall On FDA Observations

Shares of the specialty chemicals manufacturer fell as much as 4.2 percent to a lifetime low of Rs 1,429.2.

Galaxy Surfactants Ltd. received a total of 13 observations for two of its facilities located at its manufacturing plant at Taloja in Maharashtra after the U.S. drug regulator conducted its first inspection.

The stock has been falling for five consecutive trading sessions and has now slipped below its issue price of Rs 1,480.