Market Wrap: Sensex, Nifty snap four-day losing run, Jet Airways plunges 41% : Podcast: Business Today
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Market Wrap: Sensex, Nifty snap four-day losing run, Jet Airways plunges 41%

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June 18, 2019





Amid volatile trade, domestic equity benchmark indices, BSE Sensex & NSE Nifty snapped four-day losses and gained over 0.20 % each to close in the green today.



Sensex ended higher by 85 points at 39,046, while Nifty rose 19 points to close at 11,691. Of 50 Nifty stocks , 32 closed higher and on Sensex, 20 ended in the green.



On the sectoral front, except FMCG, Pharma, Media and Auto stocks, all other indices advanced on the closing bell, with maximum gains in IT, Metal and Energy indices.



Benchmark indices started marginally higher at the opening bell today, with Sensex trading at 39,056.98 and Nifty at 11,677.05 level.



In major stock announcements, Canara Bank board approved raising capital up to Rs 6,000 cr via QIP/Rights issue or other securities, Jet Airways share price fell to an all-time low of 32.25, Bajaj holdings acquired Maharashtra scooters, Airtel Africa published its IPO Prospectus today, Capital Trust entered into business partnership with IDFC First Bank.



Indian rupee appreciated 9 paise to 69.82 against the US dollar and traded at the day's range of 69.63 to 69.87. On the contrary, the dollar weakened against its rivals today, heading back towards a recent three-month low.



While gold prices edged higher on Tuesday on the back of stalling dollar, Brent crude oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the US-China trade war, although losses were limited due to last week's tanker attacks.



According to experts, the domestic market is finding it difficult to sustain at elevated levels on the back of domestic cues such as muted corporate earnings, slow monsoon season, continuous corporate defaults and global cues.



Markets globally were mixed today as traders suggested that global economic growth is being negatively affected amid global trade and geopolitical tensions - with progress on the US-China trade war hinging on the G20 summit in Japan later this month and the latter following military threats between Washington and Tehran.



Traders said investors are also waiting cautiously for the outcome of the US Federal Reserve's policy meeting, starts its two day policy meeting today with a decision scheduled for Wednesday, as well as Bank of England and Bank of Japan monetary policy outcome, scheduled this week.



In Asia, while Shanghai Composite Index, Hang Seng and Kospi Index gained marginally in their respective early sessions, Nikkei was trading in the red.



On the Wall-Street, US Dow Futures gained 0.1%. US stocks edged higher ahead of central bank policy meetings around the world as investors continue to bet the Federal Reserve will slash interest rates this year.



In another major global event, Conservative MPs vote for the second round of the leadership contest with results expected around 6.00 p.m today, in which British prime ministerial hopefuls need to secure the backing of at least 33 Conservative lawmakers. As per media reports, the new PM would be declared by July 22.