The week saw markets making some gains and confidence returning. US and China relations too improved, with China taking the first step by agreeing to buy US farm produce and removing the duties that were slapped by them. In reciprocation, US deferred the increase in duties that were to happen. All this leads to hope that the US-China trade dispute would get resolved sooner than later.
The BSE SENSEX gained 403.22 points or 1.09 percent to close at 37,384.99 points, while NIFTY gained 129.70 points or 1.118 percent to close at 11,075.90 points. Gains were recorded on three of the four trading days while they lost on one day. The broader indices saw BSE100, BSE200, and BSE500 gain 1.35 percent, 1.38 percent, and 1.52 percent, respectively. The BSE MIDCAP gained 2.25 percent while BSE SMALLCAP performed even better and gained 3.32 percent.
The Indian Rupee gained 80 paise or 1.12 percent, to close at Rs 70.92 to the US Dollar. On the back of improvement in sentiment on the US-China front, Dow Jones gained 422.06 points, or 1.58 percent, to close at 27,219.52 points.
BPCL was a star performer on the back of expectations that the government may divest its entire majority holding of 53.29 percent to a strategic partner. This would help the government garner about Rs 47,000 crore at current valuations and help achieve a major part of the 1.05 lakh crore target from divestment in 2019-2020.
Shares of BPCL gained Rs 29.85, or 7.87 percent, to close at Rs 408.90. Sister companies HPCL gained 3.495 while IOC was up 2.52 percent. Further, the government ownership in IOC and HPCL would see it control more than 50 percent of the hydro fuel business.
The Finance Minister held a press conference this time on Saturday and announced measures to