MARKET WRAP: Sensex ends 261 pts up, Nifty at 10,772; Banks, RIL rally

Nifty Bank index ended over 1% higher led by a rise in the shares of IDFC Bank and IndusInd Bank. Reliance Industries rose 2.3% on the National Stock Exchange.

SI Reporter  |  New Delhi 

RIL rose 2.32% on the NSE. Stock quote: Nifty Bank index ended 1.11% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) INDUSIND BANK 1974.00 1931.50 42.50 2.20 IDFC BANK 42.05 41.15 0.90 2.19 KOTAK MAH. BANK 1326.00 1303.25 22.75 1.75 HDFC BANK 2056.00 2023.50 32.50 1.61 YES BANK 335.50 330.90 4.60 1.39 Nifty sectoral gainers and losers of the day BSE Sensex: RIL, IndusInd Bank among top gainers of the day, Coal India top loser Market at close   The S&P BSE Sensex ended at 35,547, up 261 points while the broader Nifty50 index settled at 10,772, up 62 points. Wheels India rallies 30% in two days as company mulls bonus issue plan Shares of Wheels India hit a new high of Rs 2,690 per share, rising 11% from its previous close. The stock has surged 30% in past two trading sessions after the company announced that its board will consider a bonus issue proposal in their forthcoming board meeting on Friday, June 22, 2018. READ MORE

Markets ended higher on Wednesday despite mixed cues from their Asian peers amid ongoing trade war tensions between the US-China.

The S&P BSE Sensex ended at 35,547, up 261 points while the broader Nifty50 index settled at 10,772, up 62 points.

Financials led the gains on the indexes, with HDFC Bank and HDFC rising for a second straight session. Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) and Vedanta Ltd, the local unit of diversified mining group Vedanta Resources Plc, were the top percentage gainers on the BSE and NSE.

MINUTES OF THE MEETING

Investors were also waiting for the minutes of RBI's Monetary Policy Committee meeting, which is due after market hours. The RBI raised interest rates by a quarter percentage point at its last meeting, citing rising inflation risks. The central bank said on Tuesday it would buy five government bonds worth up to Rs 100 billion under its open market purchase on Thursday.

GLOBAL MARKETS

Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the specter of a US-China trade war rattled global markets, but significant uncertainty around the trade outlook is capping gains.

Japan's Nikkei was 0.1 per cent higher after earlier falling into negative territory. South Korea's KOSPI rose 1 per cent. In China, the Shanghai Composite Index was down 0.3 per cent in early trade, a day after falling 3.8 per cent. China's blue-chip CSI300 index was 0.2 per cent lower after briefly flirting with gains, and the Shenzhen Composite Index was up 0.1 per cent.

BUSINESS SENTIMENT SURVEY

Business confidence among Asian companies slipped for the first time in three quarters, on mounting worries that US President Donald Trump's protectionist policies would trigger tit-for-tat reprisals and undermine the global trading system. 

The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing a six-month outlook from 61 firms, fell to 74 in the second quarter from a seven-year high of 79 in the prior three months. The survey was conducted over June 1-15. While a reading above 50 indicates a positive outlook, this is the first time the number has dropped since September 2017

(with Reuters inputs)

First Published: Wed, June 20 2018. 08:30 IST

MARKET WRAP: Sensex ends 261 pts up, Nifty at 10,772; Banks, RIL rally

Nifty Bank index ended over 1% higher led by a rise in the shares of IDFC Bank and IndusInd Bank. Reliance Industries rose 2.3% on the National Stock Exchange.

Nifty Bank index ended over 1% higher led by a rise in the shares of IDFC Bank and IndusInd Bank. Reliance Industries rose 2.3% on the National Stock Exchange. Markets ended higher on Wednesday despite mixed cues from their Asian peers amid ongoing trade war tensions between the US-China.

The S&P BSE Sensex ended at 35,547, up 261 points while the broader Nifty50 index settled at 10,772, up 62 points.

Financials led the gains on the indexes, with HDFC Bank and HDFC rising for a second straight session. Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) and Vedanta Ltd, the local unit of diversified mining group Vedanta Resources Plc, were the top percentage gainers on the BSE and NSE.

MINUTES OF THE MEETING

Investors were also waiting for the minutes of RBI's Monetary Policy Committee meeting, which is due after market hours. The RBI raised interest rates by a quarter percentage point at its last meeting, citing rising inflation risks. The central bank said on Tuesday it would buy five government bonds worth up to Rs 100 billion under its open market purchase on Thursday.

GLOBAL MARKETS

Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the specter of a US-China trade war rattled global markets, but significant uncertainty around the trade outlook is capping gains.

Japan's Nikkei was 0.1 per cent higher after earlier falling into negative territory. South Korea's KOSPI rose 1 per cent. In China, the Shanghai Composite Index was down 0.3 per cent in early trade, a day after falling 3.8 per cent. China's blue-chip CSI300 index was 0.2 per cent lower after briefly flirting with gains, and the Shenzhen Composite Index was up 0.1 per cent.

BUSINESS SENTIMENT SURVEY

Business confidence among Asian companies slipped for the first time in three quarters, on mounting worries that US President Donald Trump's protectionist policies would trigger tit-for-tat reprisals and undermine the global trading system. 

The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing a six-month outlook from 61 firms, fell to 74 in the second quarter from a seven-year high of 79 in the prior three months. The survey was conducted over June 1-15. While a reading above 50 indicates a positive outlook, this is the first time the number has dropped since September 2017

(with Reuters inputs) image
Business Standard
177 22