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Afternoon Session: Market extends gains, Nifty above 11,900; PSU Bank index rises nearly 5%

Afternoon Session: Market extends gains, Nifty above 11,900; PSU Bank index rises nearly 5%

Afternoon Session: Market extends gains, Nifty above 11,900; PSU Bank index rises nearly 5%
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By Mousumi Paul  Nov 15, 2019 2:16:04 PM IST (Published)

Indian equity benchmark indices extended gains on Friday afternoon session led by the rally in PSU banks and telcos'. Bharti Airtel came out as a surprising winner from the telecom space after brokerages upgraded the stock. 

Indian equity benchmark indices extended gains on Friday afternoon session led by the rally in PSU banks and telcos'. Bharti Airtel came out as a surprising winner from the telecom space after brokerages upgraded the stock.

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At 1:35 pm, the Sensex was trading 209.05 points or 0.52 percent higher at 40,490.22 while the Nifty50 index was up 56.10 points or 0.47 percent at 11,928.50. Nifty PSU Bank index surged 3.65 percent after Supreme Court set aside NCLAT's ruling on Essar Steel case.
Bharti Airtel, Bharti Infratel, State Bank of India, Cipla and M&M were the Nifty50 top gainers while Indian Oil Corporation, UPL, Vedanta, IndusInd Bank, and BPCL remained the top losers.
Bharti Airtel rose as much as 9 percent after brokerages remained positive on the stock despite weak results. Another reason behind the rise in telecom stocks is rumours of government help, reported Reuters.
On the global markets' front, Asian stocks jumped on Friday, lifted by White House comments that suggested the possibility of an imminent trade deal between Washington and Beijing, which revived hopes that their tariff war may be nearing an end.
Gold prices fell as risk appetite was whetted by comments from White House economic adviser Larry Kudlow on a trade pact with China. According to MCX Gold December futures, gold is currently trading 266 points lower at 38,000.
Back home, the Supreme Court in the Essar Steel-ArcelorMittal case has set aside the National Company Law Appellate Tribunal's (NCLAT) ruling that provided for equal distribution of proceeds between financial and operational creditors.
The apex court in another ruling held Singh brothers, Fortis Healthcare guilty of contempt. The court said Malvinder and Shivinder Singh can 'purge' contempt by depositing Rs 1,175 crore each.
 
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