Moneycontrol
Last Updated : Jun 20, 2018 05:27 PM IST | Source: Moneycontrol.com

Global cues, RIL, banks lift Sensex 261 pts amid rising trade war fears; InterGlobe dips

Oil retailers IOC, HPCL and BPCL were down 0.7-2 percent on rising crude prices in the international markets.

Moneycontrol News @moneycontrolcom

The market recouped its losses seen in the previous session, following the recovery in its global counterparts on Wednesday amid heightened fears of trade war between the world's largest two economies US and China.

Index heavyweights Reliance Industries, HDFC and HDFC Bank aided rally in the market.

The 30-share BSE Sensex gained 260.59 points at 35,547.33 and the 50-share NSE Nifty rose 61.50 points to 10,772.

"Stock markets in India shrugged recent weakness to trade on a positive note. In line with global cues, benchmark indices in Indian opened the day in the green and traded with strength, through the day," Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund said.

"Recovery in global stocks boosted sentiment on the domestic bourses while bargain hunting at lower levels provided some stability to markets," he added.

Globally markets traded higher with indices paring some of the sharp losses seen in the previous session caused by rising fears of a trade war between top two economies US and China. Japan's Nikkei, Australia's ASX 200 and South Korea's Kospi ended up 1 percent each followed by China's Shanghai Composite (up 0.31 percent) and Hong Kong's Hang Seng (up 0.77 percent).

Among European markets, Britain's FTSE was trading higher by 1.2 percent while Germany's DAX and France's CAC gained 0.4 percent each at the time of writing this article.

Oil prices also inched up due to a fall in US crude inventories and the loss of storage capacity in Libya. Investors also looked cautious ahead of OPEC meeting to decide production policy later in the week. Brent crude futures were at $75.57 a barrel, up 0.65 percent.

Back home, the Nifty Midcap and Smallcap indices traded in line with frontliners, rising half a percent each despite the balanced market breadth.

Nifty Bank, Financial Services, Metal and Realty indices gained a percent each while FMCG lost half a percent and IT was down third of a percent.

Major contributors to the Nifty's gains include Reliance Industries (up 2.33 percent), HDFC Bank (up 1.6 percent), HDFC (up 1 percent), Kotak Mahindra Bank (1.6 percent), IndusInd Bank (1.86 percent), Vedanta (1.96 percent), M&M (1.46 percent) and Yes Bank (1.57 percent).

UPL was the biggest loser among Nifty50 stocks after a media report indicated that the group is in exclusive talks to acquire Platform Specialty Products' agricultural pesticides business.

Oil retailers IOC, HPCL and BPCL were down 0.7-2 percent on rising crude prices in the international markets.

ITC (down 0.86 percent), ONGC (1.24 percent), HCL Technologies (1 percent), L&T (0.28 percent) and Dr Reddy's Labs (1 percent) were other losers among Nifty50 stocks.

InterGlobe Aviation shares fell over 7 percent after source told CNBC-TV18 that the Enforcement Directorate has summoned the top management of the carrier in a case related to violations related to foreign exchange management act (FEMA).

Bank of Maharashtra cut down losses to 0.3 percent from 7 percent intraday. The lender's Chairman and Managing Director (CMD) Ravindra Marathe along with five others have been arrested for extending fraudulent loans to Pune-based DSK Group, Pune police said.

Unichem Labs gained 5 percent after the pharma company entered into a settlement agreement with Eli Lilly & Company and ICOS Corporation to resolve their patent litigation in the United States District Court for the District of New Jersey regarding company's abbreviated new drug application for generic tadalafil (Cialis).
First Published on Jun 20, 2018 04:20 pm
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