Britain clinched a Brexit trade deal with the European Union, seven days before it exits one of the world's biggest trading blocs in its most significant global shift since the loss of empire
UK's trade deal with EU removes a 4-1/2-year old fear of crashing out of the bloc without trading arrangements, but it will take UK financial markets years to lose their Brexit-inflicted scars
Brexit - or "British exit" - refers to the process of the United Kingdom leaving the EU after 47 years in the economic and political alliance of European countries built from the ashes of World War 2
Britain's parliament only has days to scrutinise and pass the laws needed to implement the deal before a December 31 deadline
For about 200 officials agonizing over the minutiae, it was time to finally emerge from the darkness
British Prime Minister Boris Johnson announced that Britain and the European Union have reached a deal on their post-Brexit trade relations, saying that "we have taken back control"
The last-minute trade deal between the UK and the EU means businesses will be spared new tariffs and border disruption at the start of the new year
"European unity and steadfastness have paid off," said French President Emmanuel Macron said in reaction to the deal reached on post-Brexit trade relations between Britain and the EU
The Sensex ended the session at 46,973, a gain of 529 points or 1.14 per cent. The Nifty ended the session at 13,749, or up 148 points or 1.09 per cent
He soon took to the podium at 10 Downing Street in London to declare that he had kept his promise to the British electorate, who had voted for Brexit in a referendum in June 2016
The accord will now go to Prime Minister Boris Johnson and European Commission President Ursula von der Leyen for their formal approval
Sources in London and Brussels said a deal was close as British Prime Minister Boris Johnson held a late-night conference call with his Cabinet of senior ministers
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.14%. Australian stocks advanced by 0.57%, while Tokyo shares rose 0.4%
EU and British negotiators inched their way to within touching distance of a trade deal early Thursday, raising hopes a chaotic economic break between the two sides on New Year's Day could be averted
The gains in the indices were led by IT majors Infosys and TCS
British Housing Secretary Robert Jenrick told Sky News that "at the moment there isn't sufficient progress" at the talks.
Britain is set to complete its departure from the EU when it leaves the bloc's single market and customs union on Dec. 31, meaning its current free trade arrangements expire
Pressure is mounting on Prime Minister Boris Johnson to extend the Brexit transition period beyond the December 31 deadline to prevent further chaos on the borders.
The volatility index, India VIX, spiked 24.52 per cent to 23.19
People familiar with both sides of the negotiations told Bloomberg that the trade talks are unlikely to wrap up on Sunday