Stock market update: Sensex, Nifty closes higher for sixth consecutive session
According to the stock market updates on Monday, the market finished a choppy session with mild gains, led by advances in commodities, PSU banking and infrastructure stocks. the NSE Nifty settled at 10,883, up 7 points, while the BSE benchmark index Sensex ended 46 points higher at 36,241, from the previous close.
For the sixth consecutive session, the key indices closed higher. Top gainers on the 50-scrip index were IndiaBulls Housing Finance, HUL, GAIL, Vedanta and Yes Bank finishing between 3.5 percent and 10 percent higher. As the Asian peers declared truce talks between US and Chinese leaders at the G20 summit, the domestic equity markets tracked an upbeat mood and it boosted sentiments too.
Meanwhile, US and China have agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching a deal within 90 days. This also resulted in surge of oil prices globally by five percent. Also, Qatar has decided to exit from OPEC by Jan 2019.
Naveen Kulkarni, head of research, Reliance Securities said to news agency Reuters, “Truce talks are a big relief for China. There isn’t much for India, it’s more of a sentiment change… Today is all about commodities, they’re doing well because of global trade.”
However, Indian rupee is trading at day’s low level, down by 79 paise at 70.38 per dollar on Monday.
Meanwhile, investors are keenly waiting the decision of the central bank’s monetary policy meeting on Wednesday.