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Indian markets ascend higher
Thu, 27 Aug 01:30 pm

After opening the day on a firm note, the Indian Indices have surged upwards in the post noon trading session. Sectoral indices are trading mixed with stocks from the pharma and mining sectors leading the gainers.

The BSE-Sensex is trading up 511 points (up 2%) and the NSE-Nifty is trading up 143 points (up 1.8%). The S&P BSE Midcap index is trading up 2.2% and the S&P BSE Smallcap index is trading up by 2.4%. Gold prices, per 10 grams, have lost 0.4% or Rs 113 and are trading at Rs 26,358 levels. Silver price, per kilogram, are trading at Rs 33,650 levels. Crude oil is trading in green with gain of 2.5% or Rs 65 and is trading at Rs 2,675 per barrel. The rupee is trading at 65.96 to the US dollar.

Banking sector stocks are witnessing a positive trend today with DCB Bank and Dhanlaxmi Bank leading the pack. As per a financial daily, India's second largest lender ICICI Bank has tied up with Indian Mortgage Guarantee Company (IMGC) to offer a mortgage-guaranteed home loan product. With this new product named 'Extraa Home Loans', the bank aims to focus on middle-aged individuals in the affordable housing segment. With this tie-up, it is agreed that IMGC will cover the first loss to ICICI Bank for the amount of loan that is guaranteed. Scrip of ICICI Bank is trading up by 1.8% on the BSE.

Stocks in the power sector are also trading positively with JSW Energy and Adani Power witnessing maximum buying interest. As reported in a leading financial daily, Power Grid Corporation of India (PGCIL) is going to seek shareholders' approval next month for raising up to Rs 104 bn from domestic and external sources during the fiscal 2016-17. The funds will be raised through issuance of tax-free bonds under private placement. Stock of the company is currently trading marginally up.

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