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PSU Bank, Pharma Index up 1%; Bank Nifty crosses 200-DMA

The PSU Bank Index gained for second straight session.

The PSU Bank Index gained for second straight session after the RBI maintained status quo on the key short-term borrowing rate in its first bi-monthly monetary policy for the FY19. Today, the Bank Nifty crossed 200-DMA.

On Thursday, US President Donald Trump said he had instructed US trade officials to consider $100bn in additional tariffs on China, fuelling an already heated trade dispute between the world’s two biggest economies.

The Nifty PSU Bank Index is trading higher by 1.4% at 3,033.55. Punjab National Bank is currently trading at Rs101.95 up by Rs4.7 or 4.83% from its previous closing of Rs97.25 on the BSE.

Andhra Bank is currently trading at Rs45.40 up by Rs1.15 or 2.6% from its previous closing of Rs44.25 on the BSE.

Bank of Baroda is currently trading at Rs150.25 up by Rs2.3 or 1.55% from its previous closing of Rs147.95 on the BSE.

The Nifty Pharma Index gained over 1.5% at 8,782.30. Lupin’s stock climbed 4.5% after the pharma major received a clean chit from US drug regulator for its Pithampur Unit 1 facility.

Piramal Enterprises Ltd is currently trading at Rs2,670 up by Rs129.15 or 5.08% from its previous closing of Rs2,540.85 on the BSE.

Aurobindo Pharma Ltd is currently trading at Rs619 up by Rs19.75 or 3.3% from its previous closing of Rs599.25 on the BSE.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs512.05 up by Rs4.25 or 0.84% from its previous closing of Rs507.80 on the BSE.