Indian stock markets extended gains very quickly after opening higher on Friday even as Asian peers traded little changed in the early deals after Donald Trump cancelled the scheduled summit with Kim Jong Un.
Indian stock markets extended gains very quickly after opening higher on Friday even as Asian peers traded little changed in the early deals after Donald Trump cancelled the scheduled summit with Kim Jong Un. Shares of heavyweight companies such as HDFC Bank, Infosys and TCS (Tata Consultancy Services) propelled up the headline indices Sensex and Nifty contributing about 50% to the upsurge. The S&P BSE Sensex was trading surged as much as 190.03 points to a day’s high of 34,853.14 whereas NSE Nifty added 59.25 points to mark a day’s top of 10,573.1 on Friday.
Shares of Tata Steel, TCS, NTPC, Infosys, Yes Bank, Bharti Airtel, HDFC Bank, Dr Reddy’s emerged as the top gainers while shares of ITC, SBI and Sun Pharma were the top laggards among the BSE Sensex components on Friday.
Following the uptick in India’s stock market, the domestic currency also strengthened against the US dollar in morning trades. The Indian rupee regained about 14 paise to 68.2 against the US dollar at the interbank foreign exchange market on Friday. Besides increased selling of the US dollar by exporters as well as banks, a higher opening in the domestic equity market supported the rupee, PTI reported citing unidentified forex dealers. Earlier yesterday, the rupee recoiled back from 18-month lows and closed 8 paise higher at 68.34 against the US dollar after minutes of the Federal Reserve committee revealed a relatively dovish stance over interest rate hikes. The Reserve Bank of India fixed a reference rate of 68.2139 against the US dollar on Thursday.
US stocks ended down slightly on Thursday after President Donald Trump cancelled a planned summit with North Korea’s Kim Jong Un and threatened to impose tariffs on auto imports, though losses were limited by gains in Netflix and General Electric, Reuters said in a report. Early Thursday, Trump cancelled the June 12 meeting citing Pyongyang’s “open hostility,” even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site, the report added. The Dow Jones Industrial Average fell 75.05 points or 0.3% to 24,811.76, the S&P 500 lost 5.53 points or 0.20 % to 2,727.76 and the Nasdaq Composite dropped 1.53 points or 0.02% to 7,424.43.