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    Afternoon Session: Market trades higher as banks lead, Nifty reclaims 12,200

    Afternoon Session: Market trades higher as banks lead, Nifty reclaims 12,200

    Afternoon Session: Market trades higher as banks lead, Nifty reclaims 12,200
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    By Ankit Gohel   IST (Published)

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    All the sectoral indices were trading in the green led by PSU banks, realty, financial services, pharma, auto, infra and energy.

    Indian benchmark indices traded over half a percent higher on Friday afternoon led by rally in state-run lenders and positive trend in global markets amid optimism over US-China trade deal.
    At 12:05 pm, the Sensex was trading at 41,427.73, up 263.97 points or 0.64 percent and the Nifty was trading at 12,204.25, up 77.70 points or 0.64 percent.
    All the sectoral indices were trading in the green led by PSU banks, realty, financial services, pharma, auto, infra and energy.
    The Nifty PSU Bank index rose over 3 percent after the Reserve Bank of India’s announcement to conduct another simultaneous purchase and sale of government bonds.
    While major buying was seen in banking stocks, gains in index heavyweights like RIL, HDFC Bank, Axis Bank, and L&T also lifted the indices.
    PowerGrid Corporation of India, State Bank of India, Zee Entertainment Enterprises, Axis Bank and Bharat Petroleum Corporation Ltd were the Nifty50 top gainers while Yes Bank, Britannia Industries, TCS, Hero MotoCorp and Titan Company were the top losers.
    Shares of HG Infra Engineering Ltd. surged over 9 percent in the early trade after it was declared L-1 bidder by the National Highways Authority of India (NHAI) for a road project in Haryana. The stock touched an intra-day high of Rs 269, gaining 9.53 percent as against the previous close on the BSE.
    Gujarat Gas share price added 3.5 percent in the early trade after CRISIL upgraded the rating of long-term rating of bank facilities.
    On the front of the global market, Asian shares jumped to an 18-month high on Friday while gold and oil prices stayed buoyant in a holiday-shortened week.
     
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