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Markets trade higher led by PSU bank, realty stocks

Indian benchmark indices made a firm start on Friday tracking the optimism in global markets.
Indian benchmark indices made a firm start on expiry day amid optimism in global markets.

The Sensex was up by 140 points at 40,195, while the Nifty rose 40 points to 11,884. (9.22AM)

Global stocks climbed as the Federal Reserve slashed interest rates for the third time in a row by 25 bps to help sustain US growth, however, it hinted that there would be no further cuts unless deemed necessary. The American central bank cut its key overnight lending rate to a target range between 1.50 to 1.75%.

All indices traded higher led by Nifty PSU Bank and Realty.

Nifty PSU Bank was up led by Central Bank (+8%) and Syndicate Bank. The latter will release its Q2 earnings later today.  

SBI, Infosys, and ITC were the top gainers on the indices, while Bharti Airtel, Tata Motors, Yes Bank, and Eicher Motors were the top losers.

Shares of HDFC were flat with a positive bias after it acquired a 9.89% stake in Bandhan Bank as part of a scheme of merger. 

Further, Bharti Airtel traded lower by 1% after Fitch placed the company's long-term foreign-currency issuer rating on Rating Watch Negative after the SC verdict on AGR.

Shares of JK Tyre jumped 11% after the company's PAT more than tripled year-on-year in Q2FY20.

The Indian rupee opened higher by 12 paise on Thursday at 70.77/$ vs. Wednesday's close of 70.89/$.

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