INSUBCONTINENT EXCLUSIVE:
MUMBAI: : Benchmark indices snapped a two-day losing streak on Friday as European leaders reached a deal on immigration while oil prices
fell amid concerns over supply disruption and continued friction between the US and Iran.
The Sensex ended up 385.84 points, or 1.1%, at
3,5423.48 and the Nifty ended 125.20 points, or 1.2%, up at 10,714.30
The BSE MidCap and SmallCap indices, which had fallen steeply earlier this week, ended up 1.8% and 1.9%, respectively.
The rupee climbed
from its alltime, intraday low of 69.09 to the dollar on Thursday, tracking gains in other Asian currencies as the Europe immigration deal
helped investors gain confidence globally
The local unit gained nearly half a percent to close at 68.47 per dollar Friday versus the Thursday close of 68.79.
The rupee is one of the
worstperforming currencies this year among emerging markets
excess of overseas spending over revenues.
While the Reserve Bank was seen intervening in the currency market on Thursday, economic affairs
top gainer on the Sensex, ending up 3.6% at ?567.85, followed by Bajaj Auto, YES Bank, Reliance Industries and Larsen Toubro, which ended
up 2.9-3.4%.
On a weekly basis, Nifty lost almost a percentage point
US-China trade war concerns, rising crude oil prices and weakening rupee were the major components dampening sentiment on the street
Stateowned bank stocks were under severe pressure through the week after a Reserve Bank of India (RBI) report stated gross nonperforming
assets (NPAs) of public sector banks may rise to 22.3% by March 2019 from 21%
The underlying sentiment is fragile due to ongoing global trade frictions and macro worries, said fund managers
volatility is likely to continue
At the same time, there could be interesting opportunities on a bottom-up basis in stocks which have corrected significantly," said Navneet
Munot, CIO, SBI Mutual Fund
Selling by overseas investors eased in June compared with the previous two months
FIIs sold shares worth ?4,153 crore this month till June 28, whereas they offloaded shares worth ?10,062 crore and ?5,552 crore in May and
