The market ended on a positive note but off day's high on the back of last hour selling with Nifty ended below 10,800 and Sensex above 35,600. The 30-share BSE Sensex was up 83.31 points at 35,657.86 and the 50-share NSE Nifty rose 22.90 points to 10,772.70. The market breadth was on advancing side, about 1441 shares have advanced, 1177 shares declined, and 159 shares are unchanged.
The Nifty 50 rose past 10,800 mark, but settled at 10,772.65, up 22.90 points, or 0.21 percent. For the week, Sensex rose 0.66 percent and Nifty 50 gained 0.54 percent. The volatility index ended lower by 1.11 percent at 12.44 thereby falling 3.9 percent for the week.
The domestic market witnessed see-saw movements tracking global markets amid rising crude oil prices and inflationary concerns after MSP hike for kharif crops by the government.
India's services sector activity expanded at the fastest pace in a year in June, following a marginal contraction in the previous month. The headline Nikkei Services Purchasing Managers' Index climbed to 52.6 in June from 49.6 in May.
US stocks climbed on Friday, with the S&P 500 and the Nasdaq hitting their highest levels in two weeks, as strong US jobs growth blunted the impact of an escalating US-China trade dispute.
The Dow Jones Industrial Average rose 99.74 points, or 0.41 percent, to 24,456.48, the S&P 500 gained 23.21 points, or 0.85 percent, to 2,759.82 and the Nasdaq Composite added 101.96 points, or 1.34 percent, to 7,688.39. All of the 11 major S&P 500 sectors posted gains. For the week, the Dow increased 0.7 percent, the S&P 500 rose 1.5 percent, and the Nasdaq gained 2.4 percent.
US initial jobless claims inched up to 231,000, an increase of 3,000 from the previous week's revised level of 228,000. The modest increase came as a
surprise to economists, who had expected jobless claims to edge down to 225,000 from the 227,000 originally reported for the previous week.
US factory orders climbed by 0.4 percent in May after falling by a revised 0.4 percent in April. Economists had expected orders to come in unchanged
compared to the 0.8 percent decrease originally reported for the previous month.
US has imposed tariffs on USD 34 billion of Chinese imports and another USD 16 billion of goods could follow in two weeks and now everyone is eyeing on China on how it would retaliate. Chinese stock market has already entered in the near market as investors are also apprehensive about authorities’ ability to control debt and maintain growth.
Growth in China’s exports to the US slowed significantly in the first half of 2018 to 5.4 percent about 13.9 percentage points lower than the same period last year.
US Federal Reserve last policy meeting minutes showed that participants judged that the economy is strong and inflation is expected to sustain 2 percent level on sustained basis. Also the minutes from the US Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year.
European equities closed slightly in the green on Friday afternoon as investors monitored trade developments coming out of the US and China. The pan- European Stoxx 600 closed 0.2 percent higher. While all major bourses were positive by a small margin, business sectors pointed in different directions.
For the week, the FTSE ended lower by 0.6 percent while the Dax registered a gain of 1.3 percent.
Asian stocks bounced back to recover on the last trading day of the week, with most markets finishing the session higher. Investors were watching
developments on the trade front as a deadline for tariffs from the US and China to take effect passed on Friday.
After losses earlier in the day, China markets sprung back slightly, with the benchmark Shanghai composite up 0.46 percent to close at 2,746.48. The smaller Shenzhen composite also recovered slightly, rising 0.48 percent, while Hong Kong's Hang Seng Index was up 0.47 percent to close at 28,313.74.
The Nikkei 225 rose 1.12 percent to close at 21,788.14 as most sectors rebounded after the benchmark's three consecutive sessions of declines.
For the week, the Nikkei fell 2.3 percent while on the other hand, Hang Seng shed 2.2 percent. Shanghai for the week closed down 3.5 percent.
(With inputs from Reuters & other agencies)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
