Domestic bourses jumped on Friday after two consecutive sessions of falls, boosted by banking stocks. Shares got a boost after the weather department forecast a recovery in monsoon in August and September. Key benchmark indices opened higher and firmed up in mid-morning trade. Indices turned range bound in early afternoon trade. Indices firmed up once again and hit fresh intraday high in late trade. The Nifty 50 gained 116.10 points and settled the week at 11360.80. Banking and metal sectors were the major gainers of the day.
European stocks showed signs of recovery on Friday, as the tech group tracked their U.S. counterparts higher, after Apple Inc.’s record surge on Thursday, which has helped to buy overall market sentiment. Toyota Motor Corp on Friday posted a 19% profit jump for the first quarter, beating estimates and clocking its best quarterly performance in two-and-a-half years on the back of higher sales and cost reductions in Asia.
Reliance Naval & Engineering announced that Oil & Natural Gas Corporation has issued a letter dated 30 July 2018, for termination of an old contract dated 16 October, 2009 for supply of 5 out of 12 offshore support vessels.
PVR has renewed it non-exclusive arrangements with Paytm and Bookmyshow, online ticketing aggregators for booking and selling PVR Cinema’s ticketing inventory, through their web and app based platforms for a term of 3 years.
Motherson Sumi Systems announced that its step down subsidiary, Samvardhana Matherson Automotive Systems Group B.Y. (SMRP BY), Netherlands has completed the acquisition of Reydel Automotive Holdings B.Y. and Reydel Automotive Management B.Y. at Amsterdam.
Bharat Financial Inclusion informed that the company has completed the third securitization transaction of Rs. 539.01 crore in FY19.
Housing Development Finance Corporation (HDFC) has hiked its Retail Prime Lending Rate by 20 basis points, with effect from 01 August 2018.
Japan’s Topix index of shares dropped on Friday as Sino-U.S. trade tensions and upcoming trade talks between Washington and Tokyo kept investors on edge, although the Nikkei managed to eke out slight gains partly due to a sharp rise in Suzuki Motor. The Nikkei average ended 0.06% higher at 22,525.18.
The Shanghai Composite Index swerved in and out of the red in early trade, and was last up 0.1 percent, after dropping 2 percent the previous day.
Sri Lanka stocks were higher after the close on Friday, as gains in the Telecoms, Land & Property and Construction & Engineering sectors led shares higher.
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