Share Market LIVE: Sensex, Nifty may follow global cues; SBI likely to transfer Rs 20,000 cr NPAs to NARCL

Equity indices on Wall Street soared higher.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Equity benchmark indices soared on Thursday, reversing the short term weakness that emerged earlier in the week. At the closing bell yesterday, S&P BSE Sensex was up 358 points at 52,300 while the Nifty 50 index ended at 15,737. Nifty futures on Singapore Exchange were trading 29 points higher on Friday morning, hinting at continued positive momentum on Dalal Street. Global cues were, however, mixed even though Wall Street soared to record highs. Shanghai Composite and TOPIX were down in the red while Hang Seng, Nikkei 225, and KOSPI surged higher. 

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India’s largest lender, State Bank of India could transfer bad loans worth Rs 20,000 crore to the National Asset Reconstruction Company. The said amount will be part of the Rs 89,000 crore from 22 accounts identified by banks to be transferred to the proposed NARC. The non-performing assets (NPAs) identified by SBI include Essar Power Gujarat, Coastal Energy and Reliance Naval. Over time, lenders are expected to move loans worth nearly Rs 2 lakh crore to the bad bank. Earlier this year, in her Budget speech, finance minister Nirmala Sitharaman had announced setting up of an asset reconstruction company and an asset management company for the resolution of stressed assets.

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