A man uses a smartphone to photograph the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

ICICI, HDFC Twins Save The Week For Sensex, Nifty

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Closing Bell

Indian equity benchmarks rose sharply in the last hour of trade led by ICICI Bank and the HDFC twins to gain for a fifth straight week amid a tariff war between two of the world’s largest economies.

The S&P BSE Sensex rose 0.7 percent or 257 points to 35,690 and the NSE Nifty 50 index climbed 0.75 percent or 81 points to 10,828.

For the week, Sensex rose 0.19 percent while the Nifty ended with minor gains.

“Wait until the middle of July,” Salil Sharma, partner at Kapursharma.com told BloombergQuint by phone. That’s when he expects the trade spat between the U.S. and China to ease. “We will also have the earnings to watch out for,” he said.

In the meantime, Sharma expects the Nifty to trade in the range of 10,680-10,900. “A drop below 10,600 may lead to a further downside.”

In today’s trade, fifteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Healthcare index’s 1.3 percent gain. On the flipside, the S&P BSE Energy index was top loser, down 1.3 percent.

Muthoot Finance At Day's High After Block Deal

  • Muthoot Finance has 16 lakh shares change hands in a single block. Stock 1.2 percent at Rs 384.50.

Buyers and sellers were not immediately known

Source: Bloomberg

RITEs IPO Oversubscribed Over 15 Times On The Final Day

RITES' Rs 466 crore initial public offer was subscribed 15.6 times as of 2:30 PM on the final day of subscription.

  • Non-institutional bidder portion subscribed 17.18 times
  • Retail portion subscribed 11.44 times
  • Employee portion subscribed 0.89 times

Source: Company PR

Not Pessimistic About A Compromise At OPEC, Iran Oil Minister Says

Iran Oil Minister says:

  • Some customers are cutting oil purchases
  • Meeting with Saudi counterpart was 'good'
  • Looking to remove over-compliance
  • Political tensions are influencing current oil market
  • See there is a likelihood in reaching agreement

Saudi Oil Minister says:

  • Will fulfill 1/3rd of OPEC's share of supply boost
  • Don't want to talk about what we would do without consensus
  • Output would be based on nations' ability to produce
  • A rise would take effect July, but impact by end of summer
  • Will review performance at Algiers meeting in September
  • Oil supply release will be 'gradual'

Market Check: Sensex Rises Over 150 Points Led By Drugmakers

Indian equity benchmarks rose to intraday highs led by pharma, financial services and FMCG shares.

The S&P BSE Sensex rose 0.57 percent or 204 points to 35,636 and the NSE Nifty 50 index climbed 0.6 percent or 64 points to 10,806.