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    Sensex up over 400 points, Nifty above 12,070; PSU banks surge

    Sensex up over 400 points, Nifty above 12,070; PSU banks surge

    Sensex up over 400 points, Nifty above 12,070; PSU banks surge
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    By Mousumi Paul   IST (Published)

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    The Indian market was trading in the green on Friday, with the Sensex at 41,024, up 442 points, at 2:05 AM, and the Nifty at 12,082, up 110 points.

    The Indian market was trading in the green on Friday, with the Sensex at 41,024, up 442 points, at 2:05 AM, and the Nifty at 12,082, up 110 points.
    The Nifty PSU Bank was the best-performing index of the day, up 3.48 percent, led by Union Bank, Oriental Bank of Commerce, Punjab National Bank and Canara Bank.
    Shares of UCO Bank and Corporation Bank rallied up to 19 percent after reports claimed that payments from Essar Steel resolution are likely to arrive this month.
    Axis Bank, Vedanta, SBI, YES Bank and Hindalco were the Nifty50 top gainers while Dr Reddy's Laboratories, Bharti Airtel, Bharti Infratel, Zee Entertainment and Bajaj Auto were the top losers.
    Strong earnings, recent tariff hikes by Jio and Saudi Aramco deal have kept investors and brokerages positive on Reliance Industries (RIL). Currently trading around Rs 1,500 per share, the company's stock is expected to rise to Rs 2,010 per share by December 2020, according to global brokerage firm CLSA.
    Shares in Asia jumped following news that Washington and Beijing have agreed to a phase one trade deal in principle. Japanese stocks surged on the day. The Nikkei 225 gained 2.55 percent to 24,023.10 as shares of index heavyweight Fast Retailing soared 4.39 percent. The Topix index added 1.59 percent to end its trading day at 1,739.98.
    Also, Boris Johnson's big win in the UK elections remained another reason for the indices to rally.
     
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