MARKET WRAP: RIL, HUL help Sensex end 199 pts up; Nifty settles at 9,251

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Benchmark indices once again failed to hold on to the day's high levels on Friday and pared most of its gains at the end of the session, amid selling in financial, auto and metal stocks. However, oil-to-telecom behemoth Reliance Industries (RIL) and FMCG giant Hindustan Unilever (HUL) helped indices settle in the positive territory. 

The S&P BSE Sensex ended at 31,642.70, up 199 points or 0.63 per cent, with HUL (up nearly 5 per cent) being the top gainer and NTPC (down nearly 4 per cent) the biggest loser. 

On the NSE, the benchmark Nifty ended at 9,251.50, up 52 points or 0.57 per cent. Volatility index, India VIX, declined nearly 3.5 per cent to 38.53 levels.  

In the broader market, the S&P BSE MidCap index ended flat at 11,423.81 while the  S&P BSE SmallCap index slipped 0.45 per cent to 10,638.70 levels. 

Global Markets

Global shares rallied on Friday as investors cheered signs of improving Sino-American relations and looked towards more governments gradually reopening their economies. Top US and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.

The pan-European STOXX 600 rose 0.6 per cent, boosted by a 5.1 per cent jump in Siemens after the German industrial company announced cost-cut plans to deal with the impact of the pandemic following an 18 per cent drop in industrial profit in the second quarter.

In commodities, oil prices climbed as countries including Australia moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic, kindling market hopes for a boost in demand for crude and its products.

Brent crude was up by 87 cents, or 3 per cent, at $30.33 a barrel at the time of writing of this report, having fallen nearly 1 per cent on Thursday. US oil gained $1.12, or 4.8 per cent, to $24.67 a barrel, after a decline of nearly 2 per cent in the previous session.

(With inputs from Reuters)