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

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.

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)

3:45 PM

Nifty Metal index ended 2.8% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
JINDAL STEEL	223.05	209.90	13.15	6.26
NMDC	108.10	103.35	4.75	4.60
HINDALCO INDS.	230.50	221.05	9.45	4.28
NATL. ALUMINIUM	64.70	62.05	2.65	4.27
WELSPUN CORP	118.40	113.80	4.60	4.04

3:40 PM

Nifty sectoral performers of the day

3:37 PM

BSE Sensex: Tata Steel, RIL among top gainers of the day

3:34 PM

Market at close

 

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

3:17 PM

IDBI Bank gains 12% ahead of Irdai meeting

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3:00 PM

India's spice export grows by record 8% to 1 million tonnes in 2017-18

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2:46 PM

Top gainers in BSE500:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
JINDAL SAW	79.30	70.65	8.65	12.24
EID PARRY	237.00	214.65	22.35	10.41
IDBI BANK	54.95	49.90	5.05	10.12
EIH	170.00	156.15	13.85	8.87
HIND.CONSTRUCT.	11.75	10.87	0.88	8.10

2:31 PM

Ultratech Cement rises after commissioning clinker plant

Ultratech Cement rose 0.45% to Rs 3759.70 on BSE after the company said it commissioned the second unit of 1.75 mtpa cement grinding capacity at Dhar in Madhya Pradesh. The announcement was made during trading hours today, 29 June 2018. READ MORE

2:15 PM

Making ethanol under new method could solve India's sugar surplus problem

The Centre on Monday not only raised the price of ethanol produced from C-heavy or C-grade molasses but it also fixed a price for ethanol produced from B-heavy molasses and sugarcane juice for the first time, something which has been a rarity in India until now. READ MORE

1:55 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,363.96	+326.32	+0.93
S&P BSE SENSEX 50	11,201.32	+103.41	+0.93
S&P BSE SENSEX Next 50	31,800.75	+438.53	+1.40
S&P BSE 100	10,961.40	+108.55	+1.00
S&P BSE Bharat 22 Index	3,316.28	+61.03	+1.87

(Source:BSE)

1:46 PM

Gold gains as dollar dips, but set for worst month since November 2016

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Spot gold was 0.3 per cent higher at $1,250.98 an ounce. On Thursday, it touched $1,245.32, its lowest since Dec. 13, 2017. READ MORE

1:32 PM

Currency crash: Weakening rupee may not help India's export by much

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Starting the year at 63.8 to the dollar, the rupee has slid over the past six months to the near-69 to the dollar on Thursday. READ MORE

1:18 PM

Why efforts to strengthen rupee may squeeze Indian banks' earnings

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The rupee, Asia’s worst-performing currency this year, touched a record low on Thursday with rising oil prices threatening to stoke inflation and worsen government finances. READ MORE

1:00 PM

Bhagiradha Chemicals up 62% in 2 days after Ratnabali Investment buys stake

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12:44 PM

Xiaomi prices Hong Kong IPO at bottom of range, raises $4.72 bn: Report

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Xiaomi priced its share offering at HK$17 per share ($2.17), the bottom of a price range of HK$17 to HK$22, the people said. It is selling about 2.18 billion shares, one of the people said, making the IPO the largest in the technology sector since Alibaba Group Holding Ltd raised $25 billion in New York in 2014. READ MORE