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Shares jump on strong global cues

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Key benchmark indices logged strong gains amid upbeat global stocks. The barometer index, the Sensex, rose 276.86 points or 0.78% to settle at 35,934.72. The rose 80.25 points or 0.74% to settle at 10,852.90. Global risk appetite improved after favourable US jobs data.

Overseas, shares in and gained as investors set aside concerns about escalating trade tensions to prepare for the latest earnings season after signs of continued economic strength.

In Europe, investors reacted to news that the UK's has resigned from his post after disagreements with the rest of the and in particular the reached a compromise Friday to go ahead with a plan that would mean the country had the closest possible ties with the EU. May is due to address the on Monday.

Meanwhile, in Germany, data showed exports rising in May, widening the trade surplus, despite ongoing trade frictions with the

US stocks closed solidly higher on Friday, 6 July 2018, after a read on the labor market came in stronger than expected, supporting the thesis that economic fundamentals remain healthy despite trade-war anxieties.

The US created 213,000 new jobs in June, while the readings for May and April were also revised higher. Separately, the unemployment rate rose to 4% from 3.8%. Meanwhile, the nation's trade deficit shrank 6.6% in May to a 19-month low.

On the political front, the officially imposed tariffs on $34 billion of Chinese imports at midnight Eastern Time, and implemented tariffs on the same value in US goods, as promised.

Back home, trading for the week began on a firm note as key benchmark indices saw gap-up opening on positive Asian stocks. Stocks trimmed gains in morning trade after an initial upmove. Fresh buying in pivotals propelled the key benchmark indices near day's high in early afternoon trade. Key benchmark indices were trading firm in afternoon trade. Stocks extended gains and hit fresh intraday high in mid-afternoon trade. Indices held firm in late trade.

The Sensex rose 276.86 points or 0.78% to settle at 35,934.72, its highest closing level since 31 January 2018. The rose 319.51 points, or 0.90% at the day's high of 35,977.37. The index rose 121.86 points, or 0.34% at the day's low of 35,779.72.

The index rose 80.25 points or 0.74% to settle at 10,852.90, its highest closing level since 13 June 2018. The index rose 87.70 points, or 0.81% at the day's high of 10,860.35. The index rose 34.50 points, or 0.32% at the day's low of 10,807.15.

The Mid-Cap index rose 1.23%. The Small-Cap index rose 1.58%. Both these indices outperformed the Sensex.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 16:19 IST
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