Nifty trades Higher, PSU Banks Gain

Benchmark indices opened the day higher, as global cues continued to remain strong, with most Asian indices trading with gains. Dow Futures also pointed to higher openings for the US markets, which helped boost sentiments across Asia.

The Nifty was trading with gains of 66 points, while the Sensex was up nearly 150 points in early trade.

Shares in government owned Punjab National Bank gained 2 per cent, after the bank reported a standalone net profit of Rs 308 crore for the quarter ended June, 2020.

Indiabulls Housing Finance saw its shares gain nearly 2 per cent after the company said its net profit for the quarter ended June dropped 65.5 per cent. Indiabulls Housing hopes to see a recovery in loans and assets under management in the coming days.

Union Bank of India was up nearly 5 per cent, even as net profit fell 13 per cent to Rs 333 crore in the quarter ended June 2020 from Rs 381 crore a year ago as provisions increased

Among the Nifty stocks that declined in early trade were HCL Tech, Infosys and Bharti Airtel. Shares in Orient Bell climbed after reports that a top investor had acquired further stake in the company. The stock was up nearly 10 per cent in trade.