Markets Trade Higher, Banking stock Up

The stocks markets see a relief-rally today morning after the govt removed enhanced surcharge on Foreign Portfolio Investors (FPIs) and also set up various steps to revive growth in economy.

At 9.30am, Sensex was trading with gains of 330-pts, while the NSE Nifty gained 110-pts.

Most scrips from the Nifty pack gained. Banking/Financial stocks gained with Nifty PSU bank index rising above 2% with gains in Central bank, Allahabad bank, OBC and J&K Bank.

Nifty Financial service index rose upto 1% with gains in M&M finance, Edelweiss Financial and HDFC.

HDFC, SBI, IndiaBull Housing Finance, Adani Ports and M&M were among major Nifty gainers whereas Tata Steel, Vedanta, JSW Steel, Hindalco and BPCL led the losses.

On Commodity watch, Crude Oil prices declined today, pushing US crude to its bottom level over a fortnight , as an rising US-China trade concerns knocked confidence in the global economy.

Brent crude oil was down 1.1%, at USD58.71per barrel having previously touched USD58.24.

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