Sensex rises 200 points on positive US, North Korea summit; Dr Reddy's, SBI top gainers
Dr.Reddy’s Laboratories Ltd and Lupin Ltd led gains on the NSE index. Dr.Reddy’s rose as much as 4.7 percent to its highest since April 24, while Lupin climbed up to 3.5 percent to a more than 2-month high. The Nifty pharma index jumped as much as 2.2 percent to its highest since May 8 and was on track for a fifth consecutive session of gain. The index has gained 7.5 percent so far this month after declining 9.3 percent in May.
Trump, Kim raise hopes at landmark summit
The dollar jumped to a 3-week top, while stock markets in Asia ticked higher as a landmark US-North Korea summit in Singapore raised hopes the bitter foes might be able to strike a deal to end a nuclear stand-off on the Korean peninsula. U.S. President Donald Trump said he had forged a “good relationship” with North Korean leader Kim Jong Un at the start of their historic meeting, just months after they traded insults and tensions spiralled in the region over the reclusive regime’s nuclear programmes.
Kim said the meeting was “a good prelude to peace”, but there was some unease among investors about the outcome of the talks given the tense relations between the two nations.
Fortis Healthcare share price: Fortis Healthcare said its board has again deferred approval of quarterly and annual financial results for the period ended March 31, 2018, saying more time is needed to consider the aspects of outcome of an internal investigation on alleged financial irregularities.
- 10,800 and 26,500 are going to be the deciding levels at Nifty and BankNifty respectively.
- 10,700 -10,850 is going to be the trading range on Nifty for the day.
- 26,350-26,650 will be the small trading range at BankNifty, while 26,250-26,750 is the bigger range.
Target: Rs 272
Stoploss: Rs 262
The company has its AGM on June 19
Buying in IT stocks expected at lower levels
The dollar jumped to a 3-week top on Tuesday while Asian stocks edged up as a highly anticipated U.S.-Korea summit got underway in Singapore, potentially paving the way to ending a nuclear stand-off on the Korean peninsula. U.S. President Donald Trump and North Korean leader Kim Jong Un shook hands and smiled as they started the historic summit, just months after they traded insults and tensions spiraled in the region over North Korea’s nuclear and missile programs
Trump told Kim “we will have a terrific relationship” amid handshakes, but there was some unease among investors about the outcome of the talks given the tense relations between the two nations.
The benchmark indices Sensex and Nifty pared early gains to settle flat amid mixed global cues ahead of US President Donald Trump's meeting with North Korean leader Kim Jong Un. Investors were jittery as US Federal Reserve will kick off its two-policy meeting tomorrow with the central bank expected to hike interest rates by 25 basis points.
The Sensex ended at 35,483, up 39.80 points, while the broader Nifty50 settled at 10,786, up 19.30 points. In the broader market, BSE Midcap remained unchanged, while the BSE Smallcap shed 0.5 per cent.