Market Wrap: Sensex Nifty end day's trade with marginal gains, Metal stocks shine : Podcast: Business Today
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Market Wrap: Sensex Nifty end day's trade with marginal gains, Metal stocks shine

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June 26, 2019





Despite the worries of weak global markets, domestic equity market closed higher today, buoyed by buying pressure in Metal, Pharma, Realty and Banking indices.



BSE 30 share Sensex closed with a gain of 137 points at 39,572, while the NSE Nifty50 closed at 11,842 level, with an advance of 45 points.



According to experts, a positive momentum has been triggered in domestic stock market as monsoon swiftly progressed towards central and north India.



Equity market today opened with minor gains in the early trading session, buoyed by worries over weakened global market.



Sectorally, except IT, Consumption and FMCG, all other indices closed in the green in today's trade. Metal was the most gaining sector of the day, with 2.73% advance, followed by 1.75% gain in Pharma and PSU Bank indices.



In major stock news, IPO of IndiaMart InterMESH, an online marketplace for business products and services, was fully subscribed on Tuesday, the second day of bidding. SpiceJet launched eight new daily non-stop international flights which led to a 5% gain in stock price. DHFL shares fell almost 9% as the company defaulted in payment towards maturity of commercial papers (CP).



On the currency front, Indian Rupee opened lower at 69.40 against the dollar, although, rose in the afternoon trading session after the Dollar came under pressure.



US dollar pulled back from three-month lows in the morning trade although fell in the Asian afternoon session



US crude oil futures advanced nearly 2% to touch a four-week high of $59.03 per barrel after data showed a decline in US crude stocks. Later, crude continued to move higher amid trade tensions and traded back over $66/ bbl, with a gain of 1.51%.



In other news, Bitcoin, world's largest cryptocurrency surpassed the $12,000 level for the first time today in almost a year and a half, after breaching $10,000 barrier early on Saturday.



Asian stocks were mostly lower on Wednesday following a sell-off on Wall Street as investor optimism cooled with regard to the Federal Reserve being on the brink of lowering interest rates and globally awaited the outcome of U.S.-China trade talks in the G-20 summit set for Saturday.



On Wall Street, major indices NASDAC and S&P500 ended in the red, by 1% fall each.