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Markets surge by 311 pts as oil prices retreat
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SME Times News Bureau | 25 Jun, 2019
The Sensex logged 311-point gain
on Tuesday as the Brent crude prices retreated after a sharp rise
during the past few sessions over US-Iran tension.
Buying was
seen in the beaten down steel companies such as JWS Steel and Tata
Steel. Besides, index-heavyweight Reliance Industries finished among the
top of the Nifty 50 companies.
A total of 35 out of 50
constituent companies of Nifty 50 advanced, while 15 ended lower. The
BSE Sensex closed 311 points higher at 39,434.94 and the Nifty settled
at 11,796.45 after both the indices opened lower.
Although the indices closed higher, markets have witnessed a lack of participation over the last fortnight.
Investors
are cautious ahead of the Union Budget, set to be tabled on July 5 and
the US-China trade meet at the G20 Summit in Osaka, Japan, where the
leaders will discuss trade.
"Market recovered after two days of
consolidation as investors are looking for opportunities in quality
heavy-weights in segments such as banks, cement and infrastructure,
where long-term sentiment is positive," said Vinod Nair, Head of
Research, Geojit Financial Services.
Nair said a positive
momentum was triggered as monsoon intensified and PSU banks outperformed
based on the statement from FM regarding faster recovery in bad loans
and recapitalization.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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