Market Wrap: Sensex, Nifty end higher for third consecutive session : Podcast: Business Today
Business Today

Market Wrap: Sensex, Nifty end higher for third consecutive session

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June 11, 2019

Sensex, Nifty closed higher for the third consecutive session, backed by strong rally in the global stock market.

Sensex ended at 39,950, up by 165 points with 23 out of 30 components in the green. Similarly, the broader Nifty, with 34 out of 50 constituents advancing, closed at 11,962 up by 40 points against previous close.

While Nifty touched the day's high at 12,000 level today, Sensex reached 40,066 level intraday.

On the currency front, the Indian Rupee opened 20 paise higher at 69.45 against the US dollar, compared to yesterday's close of 69.65, driven by weakening of the greenback and positive opening in domestic equities.

Bajaj Finance, Bharti Airtel, Wipro, Havells India, Bajaj Holding and Investments and Astra Poly Technik were the stocks in today's trade that hit a new all time high, while New India Assurance, Central Bank of India, Eric Lifesciences, Coffee Day Enterprises and Radico Khaitan were among the shares that hit an all time low today.

On the sectoral front, Bank, Metal and Media indices traded over 1% in the green, whereas FMCG and Pharma were the only declining ones on NSE platform. India VIX, the volatility index was at 14.51 today, down by 3% against its last close, indicating low volatility in today's trading session.

Top index gainers in the NSE pack were Zee Entertainment, ONGC, YES Bank, Tata Motors and JSW Steel. Top losers of today's closing session were IndiaBulls Housing Finance, Sun Pharma, M&M, Dr. Reddy's  and Tech Mahindra.

Earlier, domestic indices opened on a bullish note with benchmark indices Sensex trading 123.15 points up at 39,907.67 and Nifty rising 29.40 points at 11,952.10.

Monsoon progress, May CPI data and recent credit risk issue by the NBFC, would be among the key market trends to watch out for the week.

Global markets were upbeat. European shares opened in the green and on wall street, US stocks extended their Monday's climb after President Donald Trump suspended plans for tariffs on Mexico. Asian markets, however, were trading on a cautious note ahead of US-China trade deal.

Further weak US jobs data raised hopes of interest rate cuts by the Federal Reserve. But analysts said there were still concerns about the health of the global economy, with the United States and China still locked in a trade war.

However, oil prices stabilized on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.