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MARKET WRAP: Sensex rises 386 pts as rupee recovers; Tata Steel, RIL up 3%

SI Reporter/New Delhi 29 Jun 18 | 08:15 AM

The benchmark indices settled over 1% higher on Friday after the rupee recovered from its all-time low and Asian peers staged a pullback.

The S&P BSE Sensex ended at 35,423, up 386 points while the broader Nifty50 index settled at 10,714, up 125 points.

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Among sectoral indices, the Nifty Metal index settled 2.8% higher led by a surge in the shares of Jindal Steel & Power, NMDC and Hindalco Industries. The Nifty PSU Bank index also rose 1.35% led by IDBI Bank, Oriental Bank of Commerce and Syndicate Bank.

On the BSE, the S&P BSE Midcap index rose 1.8% higher on Friday and the S&P BSE Smallcap index ended 1.9% up.

Among individual stocks, Tata Steel was the biggest gainer on S&P BSE Sensex, gaining 3.6% to settle at Rs 567.85. The market heavyweight Reliance Industries also rose 3% to end at Rs 972.95 on Friday.

RUPEE

The rupee, which breached the 69 per dollar mark for the first time on Thursday, recovered tracking a rebound in Asian shares and currencies.

The Indian currency had on Thursday breached the 69-mark but covered lost ground to finally close at an all-time low of 68.79 with a fall of 18 paise against the US dollar due to multiple headwinds like weak global cues and concerns related to inflation and fiscal slippage.

GLOBAL MARKETS

Asian share markets rallied from nine-month lows on Friday as Chinese shares rebounded from a sell-off, but the market outlook remains gloomy a week before initial US and Chinese tariffs are set to take effect.

MSCI's broadest index of Asia-Pacific shares outside Japan was 1.4 per cent higher, Japan's Nikkei stock index was up 0.2 per cent, and South Korea's KOSPI rose 0.5 per cent. China's blue-chip CSI300 index gained 2.3 per cent, and the Shanghai Composite index was 2 per cent higher. Hong Kong's Hang Seng index rose 1.5 per cent.

OIL PRICES

Oil prices dipped on Friday amid escalating trade friction between the United States and other major economies, although crude markets remain tight due to supply disruptions and generally high demand.

US West Texas Intermediate (WTI) crude futures were at $73.19 a barrel, down 26 cents (0.4 percent) from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel. Brent crude futures were at $77.74 per barrel, down 11 cents (0.1 per cent).

(with inputs from Reuters)

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Sensex

Company Price Gain (%)
NTPC155.701.96
Infosys1,333.051.83
H D F C1,991.550.95
Wipro283.100.86
Hind. Unilever1,753.850.73

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