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MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

SI Reporter/New Delhi 11 Jun 18 | 03:30 PM

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The markets pared their day's gains to end flat on Monday amid trade tensions ahead of a landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un scheduled tomorrow.

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The S&P BSE Sensex ended at 35,483, up 40 points while the broader Nifty50 index settled at 10,787, up 19 points.

Among individual stocks, Bharti Airtel gained 3.5% on the BSE today, while Sun Pharma rose 1.1%. Tata Steel lost 2.1%.

A weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front. Trump’s reversal, announced while he was en route to Singapore for a meeting with North Korean leader Kim Jong Un, sent his Group of Seven partners scrambling.

Meanwhile, the Federal Reserve will hold a two-day meeting starting on Tuesday, June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.

Back home, the near term market trend will be dictated by domestic macro data like IIP, CPI and WPI, movement of crude oil prices and currency (INR vs USD) and progress of monsoon.

GLOBAL MARKETS

Asia stocks shook off initial modest losses and edged up on Monday ahead of a US-North Korea summit that might ease regional tensions, while investors also started to focus on key central bank meetings later this week.

Stocks dipped after US President Donald Trump backed out of a joint Group of Seven communique over the weekend, in a blow to the group’s efforts to show a united front.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped early but was last up 0.3 per cent. Hong Kong’s Hang Seng also gained 0.3 per cent while the Shanghai Composite Index fell 0.5 per cent.

South Korea’s KOSPI added 0.4 per cent, and Japan’s Nikkei climbed 0.3 per cent.

(with wire inputs)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.576.303.91
M & M908.152.78
H D F C1,902.402.54
Axis Bank524.652.22
Bharti Airtel374.601.74

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