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Stock Rise: Banking gain after NCLAT judgment

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Equity benchmark scaled at the day’s high level, led by a rally in banking stocks. The Nifty PSU Bank index surged at a high level by 4-pc at 2,466.85 levels.

As per the media reports, the Supreme Court stated the Appellate Tribunal can not hinder the commercial determinations taken by banks in the issue of Essar Steel. The Court set aside the Tribunal’s ruling that given for equal distribution between financial & operational creditors.

Reacting to the media updates, shares in Central Bank of India, Corporation Bank, Syndicate Bank, Canara Bank, Bank of India,  Indian Overseas Bank, PNB and OBC rallied on the PSU banking index. For Free stocktips visit our website.

Symmetrically, the Nifty Bank index advanced over 288 points, SBIN, Canara Bank, ICICI Bank, Kotak Bank, and Yes Bank have also rallied in today’s session.

At 12.30-pm, the Nifty was trading higher by 59 points and the Sensex demonstrated 210 points at 40,498. Get best stock Future Option Tips from the experts.