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MARKET WRAP: Sensex ends 209 pts up, Nifty at 10,843 post Trump-Kim meeting

SI Reporter/New Delhi 12 Jun 18 | 03:30 PM

The markets ended higher on Tuesday, following the US-North Korea summit in Singapore which ended on a positive note.

The S&P BSE Sensex ended at 35,693, up 209 points while the broader Nifty50 index settled at 10,843, up 56 points.

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Among sectoral indices, the Nifty Pharma index ended over 2.5% higher led by a rise in the shares of Lupin, Dr. Reddy's Laboratories and Glenmark Pharmaceuticals.

United States President Donald Trump on Tuesday said his one-on-one meeting with North Korean leader Kim Jong-un was "very, very good" and they have an "excellent relationship", according to media reports.

Trump and Kim signed a “comprehensive" document following a historic summit in Singapore aimed at the denuclearisation of the Korean peninsula.

Before signing what Trump described as a “comprehensive letter", Kim said the two leaders had a historic meeting “and decided to leave the past behind. The world will see a major change."

Trump said he had formed a “very special bond" with Kim and that relationship with North Korea would be very different.

The two leaders met at the resort island of Sentosa along with their respective translators earlier in the day and shared a historic handshake as they met for the first time.

Post this summit, investors will now focus on policy meeting of the US Federal Reserve, which is expected to raise rates. The outcome of the policy meeting is likely to be announced late on Wednesday, June 13, 2018.


Back home, investors will await domestic macro data like IIP and CPI, due later in the day today. India’s retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to a Reuters poll of economists, suggesting more policy tightening from the central bank is coming.

The poll of more than 30 economists taken 4-8 June showed annual consumer price inflation likely increased to 4.83% last month, the highest since January and above April’s 4.58%.

In global markets, dollar hovered near 3-week highs on Tuesday and Asian shares gained. Japan's Nikkei paring early gains to close 0.3 per cent higher after earlier rising as much as 0.9 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan seesawed between positive and negative territory, and was last up 0.15 per cent. South Korean shares were a tad weaker while Chinese shares were buoyant after starting in the red. The blue-chip CSI 300 index jumped about 1.3 per cent.

(with Reuters inputs)

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Company Price Gain (%)
Coal India291.552.59
Axis Bank636.201.92
Sun Pharma.Inds.635.251.69


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