Moneycontrol
Last Updated : Jun 29, 2018 04:40 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street: Sensex starts July series with fireworks! Nifty reclaims 10,700

The S&P BSE Sensex rose 385 points or 1.10 percent at 35,423.48 while the Nifty50 surged 1.18 percent or 125.20 points at 10,714.30. However, for the week, Nifty closed down by about 1 percent.

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After falling two consecutive session S&P BSE Sensex registered gain of nearly 400 points on Friday while the Nifty50 reclaimed 10,700 levels thanks to value buying at lower levels.

The index was trading near key support levels and a technical bounce back was on the cards. The bulls made their way on D-Street tracking rally in global peers. The rupee, which breached the 69 per dollar mark for the first time in the previous trading sessions also recovered.

"After trading the week on a fairly negative note, benchmark indices traded today with gains as investors shrugged off recent concerns and took to buying stocks at lower levels," Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

"Despite the underlying sentiment being fragile, stocks across the globe recovered from the recent selloff to trade higher. At home, both the benchmark Sensex and the Nifty clocked gains of over 0.50 percent while the India VIX petered down by around 6 percent to 13 levels," he said.

The S&P BSE Sensex rose 385 points or 1.10 percent at 35,423.48 while the Nifty50 surged 1.18 percent or 125.20 points at 10,714.30. However, for the week, Nifty closed down by about 1 percent.

Technically, the Nifty50 formed a strong bullish candle or Long White Day on the daily candlestick charts.

Sectorally, the S&P BSE Infra index rose 3.09 percent, followed by the S&P BSE Consumer Durable index which gained 2.9 percent, and the S&P BSE Metal index was up 2.8 percent.

Other sectoral indices include finance, healthcare, auto as well as IT index.

The S&P BSE Midcap index rallied 1.8 percent, and the S&P BSE Smallcap index rose 1.92 percent.

Top Sensex gainers include names like Tata Steel (up 3.6%), Bajaj Auto (up 3.4%), Yes Bank (up 3.1%), RIL (up 2.9%), and L&T (up 2.8%).

Top Sensex losers include names like IndusInd Bank (down 1.4%), followed by Hero MotoCorp (down 1.1%), HDFC Bank (down 1.1%), and M&M (down 1.1%).

Stocks in news:

IDBI Bank share price rallied 10 percent after media report indicated that the insurance regulator may clear the bank's deal with LIC today. This upside was after the losses seen in previous four consecutive sessions.

Reliance Communications share price rallied 3.3 percent after the final settlement agreement between the tower subsidiary and its minority shareholder HSBC. Reliance Infratel and its minority shareholder HSBC Daisy Investments (Mauritius) today submitted final consent terms of their settlement before NCLAT over sale of tower and fibre asset.

Shares of Zee Media Corporation added 2 percent as company approved sale of its stake in subsidiary company. The company board at its meeting held on June 28 approved sale of its entire equity stake comprising of 4 crore equity shares of Re 1 each, in its wholly owned subsidiary Ez-Mall Online to Altilis Technologies, a Promoter group entity, at an aggregate consideration of Rs 8.60 crore.

Ace investor Rakesh Jhunjhunwala on Thursday said he sold 1.25 crore shares, or 1.4 percent, of Titan Company between May 22 and June 28. According to a BSE notice, Jhunjhunwala along with persons acting in concert sold 61,00,000 equity shares and further offloaded 64,00,000 equity shares on June 28, taking the total stake sale to 1,25,00,000, or 1.4 percent. The stock closed 4.8 percent higher.

Shares of Mangalore Refinery and Petrochemicals (MRPL) added 4.3 percent ahead of board meeting to consider preferential issue of shares.

In other News/Global Update:

European markets traded higher following gains in Asia and on Wall Street, and after European Union leaders reached a tentative agreement on migration, though the underlying sentiment remained soured due to ongoing trade tensions between US and China.

France's CAC and Germany's DAX rose over a percent while Britain's FTSE was up 0.9 percent at the time of writing this article.

Asian shares closed higher on last trading day of the quarter with China recovering further from recent sharp fall amid trade tensions.

China's Shanghai Composite rose 2.2 percent and Hong Kong's Hang Seng rallied 1.6 percent while South Korea's Kospi gained 0.5 percent and Japan's Nikkei bounced back from intraday low to close 0.15 percent higher.
First Published on Jun 29, 2018 04:18 pm
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