The domestic indices were trading in range on Friday taking cues from their Asian counterparts.
Among sectoral indices, the Nifty PSU Bank index was trading lower led by a fall in the shares of Allahabad Bank, Canara Bank and Oriental Bank of Commerce.
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said.
In the global markets, Asian shares rallied and the safe-haven yen eased on Friday after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May.
The chance of any easing in geopolitical tensions in the region helped Japan’s Nikkei climb 2.3 per cent. South Korean stocks enjoyed their best day since May with a rise of 1.76 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent.
The White House said other countries could apply for exemptions on the 25 per cent tariff on steel imports and 10 per cent for aluminum, but details were sparse on when they might be granted and under what terms.