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MARKET WRAP: Sensex settles 178 pts higher; defense stocks rally up to 12%

All that happened in the markets today

Markets | JB Chemicals & Pharmaceuticals | HDFC Life Insurance

SI Reporter  | New Delhi 


Benchmark indices climbed off the day's top, but still ended around 0.5 per cent higher on Friday amid buying in IT, auto, and FMCG counters. 

The S&P BSE Sensex ended at 36,021, up 178 points or 0.5 per cent, having risen to as high as 36,110 earlier in the day. The Nifty50 index settled above the 10,600 level at 10,607, up 56 points or 0.53 per cent. India VIX slipped 3 per cent to 25.69 levels.

On a weekly basis, Sensex gained 2.41 per cent while Nifty added 2.16 per cent. 
Bharti Airtel (up 4 per cent) and Bajaj Auto (up 2.5 per cent) were the top Sensex gainers. Reliance Industries gained 1.5 per cent after the company announced that Intel has invested Rs 1,894.5 crore in Jio Platforms for a 0.39 per cent stake. 

Further, shares of defence companies rallied in the trade and climbed up to 12 per cent on the BSE after the Ministry of Defence (MoD) approved the purchase of weapons and equipments worth Rs 38,900 crore. Bharat Dynamics ended 12.55 per cent higher at Rs 375.80 on the BSE while Bharat Electronics gained 9 per cent to Rs 97.25. READ MORE

Moreover, JB Chemcials rose 3 per cent during the day after it said global investment firm KKR will pick up a controlling stake of 54 per cent in the company. The stock, however, ended flat. Meanwhile, HDFC Life gained around 4.5 per cent as the company will replace on Nifty with effect from July 31.

In the broader market, the S&P BSE MidCap index rose 0.56 per cent while the S&P BSE SmallCap index gained 0.47 per cent.

Global markets

European stocks paused on Friday after gains through the week as another record surge in US coronavirus cases dulled optimism from a brisk recovery in China’s services sector.

The pan-European STOXX 600 index was largely flat after opening marginally higher, with trading volumes thinned by a US market holiday.

In commodities, oil fell below $43 a barrel as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery.

Brent crude was down 52 cents, or 1.2 per cent, at $42.62 a barrel at the time of writing of this report, and US West Texas Intermediate (WTI) crude fell 50 cents, or 1.2 per cent, to $40.15.

(With inputs from Reuters)


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