Indian shares bounce back after two days of losses

Published: June 29, 2018 14:30:34 | Updated: July 03, 2018 10:32:40

File Photo (Reuters)

Indian rebounded strongly on Friday after two straight days of losses, starting July derivatives series on a strong footing led by energy and financial stocks as the rupee recovered from an all-time low.

The Indian rupee, which breached the 69 per dollar mark for the first time on Thursday, recovered tracking a rebound in Asian shares and currencies.

MSCI’s broadest index of Asia-Pacific shares outside Japan was trading more than one per cent higher.

The broader NSE index was up 0.86 per cent at 10,679.75 as of 0708 GMT, but was set to end lower for a second straight month. The benchmark BSE index was trading 0.8 per cent higher at 35,318.60.

Market Sentiment across the globe was negative over the past few weeks on worries of escalating US-China trade war, reports Reuters.

Energy stocks led the gains on the Indian share markets with oil-to-telecom conglomerate Reliance Industries Ltd rising as much as 3.2 per cent.

Beaten down counters such as state-run lenders recovered with the Nifty PSU Bank index gaining over 2.5 per cent. The index was on track to snap a four-day losing streak.

A weaker rupee coupled with a shift in sectoral funds have helped the pharma and information technology stocks shrug off the weakness in the broader markets in June.

Metal stocks rose, with Hindalco Industries Ltd, the top percentage gainer on the NSE index, jumping more than 4.0 per cent.

Shares of Tata Steel Ltd gained as much as 3.5 per cent after key labour representatives of Thyssenkrupp on Thursday signalled their support for a planned joint venture with the Tata Group-owned steelmaker.

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