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Stock markets have had a rough year so far just about everywhere but investors are hoping that governments will offer stimulus to aid economic recovery. (Photo: iStock)
Stock markets have had a rough year so far just about everywhere but investors are hoping that governments will offer stimulus to aid economic recovery. (Photo: iStock)

Markets erase gains in choppy trade; Sensex, Nifty end marginally lower

  • All broad market Nifty indices end in the red
  • RIL, Sun Pharma, ITC lead losses on Sensex

Welcome to Mint live market blog. Track this space for latest news and updates.

30 Jun 2020, 03:52:46 PM IST

Markets turn weak, erase all intra-day gains

Domestic equity markets failed to hold on to gains made during the day turned weak towards the end of the session as trade turned volatile.

The S&P BSE Sensex slipped 46 points or 0.13% to end at 34,916, while the Nifty ended at 10,302, down 10 points or 0.1%.

Weakness in global equities also weighed. France's CAC 40 lost 0.3%, while Germany's DAX shed 0.2%. Britain's FTSE 100 lost 0.7%. U.S. shares were set to drift lower with Dow futures down 0.6% and S&P 500 futures 0.4% lower.

Back home, Bharat Petroleum, Indian Oil, Power Grid, Sun Pharma and UPL were among major losers on Nifty, while gainers were Shree Cements, Maruti Suzuki, Nestle, ICICI Bank and Britannia Industries.

Auto and FMCG stocks ended higher. BSE Midcap and Smallcap indices ended lower.

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30 Jun 2020, 03:33:21 PM IST

Volume toppers in today's trade

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30 Jun 2020, 03:30:41 PM IST

Nifty sectoral indices at the end of trading session

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30 Jun 2020, 03:18:45 PM IST

AAP to hold countrywide protest tomorrow against fuel price hike: PTI

30 Jun 2020, 03:12:37 PM IST

French defence minister condoles Indian soldiers' death in China face-off

French defence minister Florence Parly has condoled the death of 20 Indian army personnel, including a colonel rank office, in this month’s deadly border clash with China.

A person familiar with the matter said Parly, in a letter to defence minister Rajnath Singh, on Monday described the deaths as a “hard blow against the soldiers, their families, and the nation".

30 Jun 2020, 03:06:02 PM IST

PM Modi reviews progress of covid-19 vaccine development

Prime Minister Narendra Modi on Tuesday chaired a high-level meeting to review the progress made in developing a vaccine for the novel coronavirus disease, news agency ANI reported.

Prime Minister Modi highlighted India’s responsibility and commitment to the global community to play an enabling role in global vaccination efforts against the respiratory disease.

Prime Minister Narendra Modi directed officials to evaluate various technology tools to ensure efficient and timely vaccination in due course of time. He also asked them to undertake detailed planning for such large scale vaccination.

30 Jun 2020, 02:57:11 PM IST

Odisha allows counter sale of liquor from Wednesday: PTI

The Odisha government will allow over-the-counter sale of liquor from Wednesday after more than three months, the Press Trust of India reported.

Liquor shops will remain open from 7 am to 6 pm, according to a notification issued by the state excise department on Tuesday.

30 Jun 2020, 02:52:42 PM IST

Retail inflation for industrial workers eases to 5.1% in May

Retail inflation for industrial workers dipped to 5.1% in May due to lower prices of certain food items and kerosene oil.

The retail inflation for industrial workers is measured through Consumer Price Index for Industrial Workers (CPI-IW).

"Inflation based on all items stood at 5.10 per cent for May, 2020 as compared to 5.45 per cent for the previous month (April 2020) and 8.65 per cent during the corresponding month ( May 2019) of the previous year," a labour ministry statement said.

30 Jun 2020, 02:45:22 PM IST

BSE SmallCap down 0.8% in line with broader market weakness

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30 Jun 2020, 02:43:33 PM IST

BSE MidCap down 0.3% at 13,036.05 amid weakness in broader market

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30 Jun 2020, 02:38:54 PM IST

Markets erase gains; RIL, HDFC Bank weigh on indices

Benchmark indices erased gains made though the day and slipped into the red, dragged by losses in index heavyweights RIL and HDFC Bank.

At 0236pm, the benchmark Sensex was down 126 points or 0.4% at 34,835.25, while Nifty fell 42.50 points to 10,269.90.

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30 Jun 2020, 02:32:56 PM IST

Nifty broad market indices slip into the red

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30 Jun 2020, 02:26:52 PM IST

Sensex top gainers/losers

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30 Jun 2020, 02:21:39 PM IST

Premji Invest to acquire controlling stake in Best Value Chem

Baroda-based specialty aroma chemicals company Best Value Chem (BVC) said Premji Invest will acquire a controlling stake in the company.

The transaction involves stake sale by existing shareholders and a commitment to infuse primary capital for capacity expansion to meet increasing demand from its global customers, BVC said.

30 Jun 2020, 02:20:18 PM IST

Covid-19 may set back banks' recovery by years, raise bad loans: S&P

The covid-19 pandemic may delay a recovery in banks by years, which could hit credit flows and, ultimately, the economy, S&P Global Ratings said in a report. It said non-performing loans will likely hit a fresh high, raising credit costs, and putting pressure on ratings.

"In our base case, we expect the non-performing loans to shoot up to 13-14 per cent of total loans in the fiscal year ending March 31, 2021, compared with an estimated 8.5 per cent in the previous fiscal year," said S&P Global Ratings credit analyst Deepali Seth-Chhabria. "Moreover, the resolution of these bad-debt situations will likely unfold slowly, which means banks may also be saddled with a huge stock of bad loans next year."

30 Jun 2020, 02:12:06 PM IST

Rupee closes higher against US dollar

Rupee closes at 75.50 per US dollar compared with Monday's close of 75.58.

30 Jun 2020, 02:08:53 PM IST

100 stocks hit 52-week highs, 400 hit upper circuit

Over 100 stocks, including AstraZeneca Pharma India, Escorts, FDC, Gujarat Gas and IDBI Bank, hit their 52-week highs on BSE.

Edelweiss Financial Services, Suzlon Energy, IDBI Bank, Reliance Infrastructure and Reliance Power, among others, hit their respective upper circuits.

30 Jun 2020, 01:58:05 PM IST

IndiGo announces additional 5.5 days of leave without pay for employees

India's largest airline IndiGo has announced extra 5.5 days of Leave Without Pay for employees, Business Standard reported.

The airline already had implemented 1-5 days LWP in May, effectively taking total days of no pay to 10 days

30 Jun 2020, 01:53:26 PM IST

Petronet LNG slips after disappointing Q4 results

Petronet LNG reported consolidated revenue from operations at 8,567.15 crore for the March quarter, up 2.19% year-on-year. Net profit, however, declined nearly 20% on year to 373.2 crore.

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30 Jun 2020, 01:47:55 PM IST

Nifty PSU Bank index slips into the red

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30 Jun 2020, 01:45:12 PM IST

Govt mulls pass-through in power tariff to awarded projects before duty rollout

To help protect solar project developers, India plans to allow a pass through in power tariffs for awarded projects before the basic customs duty on imported solar cells, modules and inverters is imposed from 1 August, said two people aware of the development.

While this may increase the electricity tariffs, it is being done to help facilitate developers setting up these projects and maintain the country’s clean energy trajectory as India tightens its economic squeeze on China.

Power and renewable energy minister Raj Kumar Singh had earlier said an Indian is willing to pay more for power, provided the equipment is made in India.

30 Jun 2020, 01:39:17 PM IST

Auto component makers' revenues to drop 16% in FY21: Crisil

Credit rating agency Crisil Ltd expects that revenues of auto component makers will drop an average 16% in FY21 due to the impact of the coronavirus crisis on demand and supply chain disruption.

“This will add to the pain from an estimated de-growth of 10% in the industry’s revenue to 3.2 lakh crore last fiscal," Crisil said in a note on Tuesday, adding that the forecast is based on its analysis of about 300 rated auto component suppliers that account for 40% of the industry’s revenue.

30 Jun 2020, 01:34:40 PM IST

Beijing says concerned about India banning China apps

China on Tuesday said it was concerned about India's decision to ban Chinese mobile apps such as Bytedance's TikTok and Tencent's WeChat and was making checks to verify the situation, according to a Reuters report from Beijing.

Chinese foreign ministry spokesman Zhao Lijian during a daily briefing told reporters that India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59 Chinese mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

30 Jun 2020, 01:13:47 PM IST

Europe subdued, US equity futures decline

European stocks drifted, while U.S. equity futures dropped as investors weighed economic data against a continued increase in coronavirus cases.

Futures on the S&P 500 Index declined 0.2%, while the Stoxx Europe 600 Index climbed 0.1%. Germany’s DAX Index increased 0.2%. FTSE 100 was down 0.3%, FTSE 250 off 0.1%.

30 Jun 2020, 01:10:37 PM IST

MRF rises after upbeat Q4 performance

Shares of tyre major MRF Ltd rose on Tuesday after the company reported an over two-fold surge in consolidated net profit to 679.02 crore for the quarter ended March.

The company had reported a net profit of 293.93 crore for the same period of 2018-19 fiscal.

Revenue from operations stood at 3,685.16 crore compared with 4,137.67 crore in the year-ago period.

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30 Jun 2020, 01:03:56 PM IST

Shell to write down as much as $22 billion in wake of coronavirus crisis

Royal Dutch Shell will write $22 billion off the value of its assets after sharply lowering its oil and gas price outlook in the wake of the coronavirus pandemic, Reuters reported.

The decision also comes as the Anglo-Dutch company reviews its operations after CEO Ben van Beurden laid out plans in April to reduce greenhouse gas emissions to net zero by 2050.

30 Jun 2020, 01:02:10 PM IST

Zomato rebrands membership program Gold to Zomato Pro

Online food delivery and restaurant discovery platform Zomato on Tuesday rebranded its popular Gold membership programme to Zomato Pro to include more discounts and privileges such as priority delivery on orders.

Existing Zomato Gold members across 10 countries will be automatically upgraded to Zomato Pro starting 1 August, and will get access to extra perks at no additional cost, Zomato said in a blog post on Tuesday.

30 Jun 2020, 12:48:09 PM IST

Nifty Pharma worst hit among sectoral indices

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30 Jun 2020, 12:44:27 PM IST

Vehicle sales to remain under pressure in June: Motilal Oswal

Wholesales are expected to decline in June due to supply constraints at the OEM level. However, as markets open, demand recovery in two-wheelers and passenger vehicles, skewed toward the semi-urban and rural markets, has come as a surprise.

Conversely, commercial vehicles have seen minimal demand due to excess capacity, low economic activity, and financiers turning cautious as many fleet operators have already opted for moratorium.

Demand for tractors remains strong, with growth in retail sales in most of the markets. With production ramping up to 85–90%, supply continues to lag behind demand.

Demand in three-wheelers is still very low, hit by stringent financing norms and disinterest from financiers for being a high-risk segment.

In June, wholesales volumes are estimated to decline ~38%/~47%/~78% YoY for 2W/PV/CV amid lockdown and low demand. Tractors volumes are expected to decrease by ~12% YoY. The plunge in wholesales is more a reflection of supply constraints in Tractors/2W/PV than retail trends.

30 Jun 2020, 12:40:30 PM IST

Nifty Auto index up on gains led by Maruti, Bosch

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30 Jun 2020, 12:35:12 PM IST

UK economy shrinks during Jan-Mar on coronavirus crisis

Britain's economy shrank the most since 1979 in early 2020 as households slashed their spending, Reuters reported citing official data.

Gross domestic product dropped by a quarterly 2.2% between January and March, the Office for National Statistics (ONS) said.

30 Jun 2020, 12:32:01 PM IST


UK regulator has approved clinical trials of hydroxychloroquine to prevent covid-19 in healthcare workers, Reuters reported.

30 Jun 2020, 12:22:48 PM IST

NMDC hikes iron ore prices by ₹200/tn: CNBC-TV18.

30 Jun 2020, 12:05:51 PM IST

Vodafone Idea slips ahead of Q4 results

According to a consensus of brokers, in Q4, Vodafone Idea is expected to report a consolidated revenue of 11,692.30 crore up 5.4% sequentially and net loss of 4,610.30 crore.

The telco has so far paid around 7,000 crore of its total AGR dues of 21,533 crore, which the company has estimated on its own. The government, however, has pegged dues at 50,000 crore.

Vodafone Idea reported a net loss of 6,438.8 crore for the quarter ended December, with revenues at 11,089.40 crore.

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30 Jun 2020, 12:02:19 PM IST

Motilal Oswal on HDFC Bank

We expect HDFC Bank to deliver strong business growth, led by improved digital offerings. On the asset quality front, although slippages are likely to remain elevated, impacted by COVID-19, strong provisioning buffers should limit the overall impact on earnings. The CEO’s succession remains an important observable in the

Near term: Maintain Buy, with target price of 1,250 (3.0x FY22E ABV).

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30 Jun 2020, 12:00:54 PM IST

Oil prices slip

Oil prices slipped on Tuesday as traders locked in profits after sharp gains in the previous session and as Libya's state oil company flagged progress on talks to resume exports, potentially boosting supply, Reuters reported.

The more-active Brent crude futures for September fell 24 cents, or 0.6%, to $41.61 a barrel paring Monday's 92 cent gain. The August contract, which expires on Tuesday, fell 24 cents to $41.47.

U.S. crude was down 33 cents, or 0.8% at $39.37 a barrel.

30 Jun 2020, 11:53:50 AM IST

Amazon's Twitch temporarily bans Trump for hate speech

Amazon-owned live-streaming platform, Twitch, has temporarily banned US president Donald Trump for hateful conduct, reported The Verge.

The offensive video stream in question, which is reportedly a re-broadcast of a Trump rally in which he allegedly gave a hateful speech against Mexicans, has also been taken down from the platform.

30 Jun 2020, 11:48:58 AM IST

Markets off day's high

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30 Jun 2020, 11:46:10 AM IST

Tata Steel holds on to gains, up over 3%

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30 Jun 2020, 11:37:43 AM IST

Nifty Auto index up tracking broad market gains

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30 Jun 2020, 11:25:46 AM IST

Markets hold on to gains

Benchmark indices were. At 1120am, the Sensex was up 0.55% at 35,155.10, and the Nifty was up 0.6% at 10371.30.

30 Jun 2020, 11:18:53 AM IST

India, China holding talks to diffuse border tension

Senior military commanders of India and China on Tuesday will hold their third meeting in a month aimed at salvaging a de-escalation and disengagement plan that they arrived at earlier but have made minimal progress in implementing.

The meeting between Lieutenant General Harinder Singh, commander of the Leh-based 14 Corps and Major General Liu Lin, commander of the South Xinjiang military region, is to take place at Chushul in Ladakh on the Indian side of the Line of Actual Control. The previous two meetings took place at Moldo on the Chinese side of the LAC.

30 Jun 2020, 11:16:46 AM IST

Bharat Forge down on disappointing Q4 results

Auto components major Bharat Forge on Monday reported a consolidated net loss of 68.59 crore for the quarter ended March, led by lower revenue and impairment of its investment in associate firm Tevva Motors Jersey Ltd due to the coronavirus pandemic.

The company had posted a consolidated net profit of 324.09 crore in the year-ago period.

Revenue from operations declined to 1,741.92 crore from 2,670.78 crore in the year-ago period.

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30 Jun 2020, 11:11:49 AM IST

Top gainers/losers on Nifty

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30 Jun 2020, 11:08:10 AM IST

Mumbai's Taj Hotel receives bomb threat, security beefed up

Mumbai’s iconic Taj Hotel has received a bomb threat, following which security has been beefed up in the area. "Security tightened outside Taj Hotel and nearby areas after a threat call was received yesterday from Karachi, Pakistan to blow up the hotel with bombs," news agency ANI tweeted quoting Mumbai Police.

30 Jun 2020, 10:58:49 AM IST

BSE SmallCap constituents largely in green

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30 Jun 2020, 10:55:42 AM IST

BSE MidCap up amid gains in broader market

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30 Jun 2020, 10:54:52 AM IST

Nifty Metal top gainer among sectoral indices

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30 Jun 2020, 10:41:36 AM IST

Nifty sectoral indices

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30 Jun 2020, 10:39:35 AM IST

Tata Steel top gainer, jumps over 4%

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30 Jun 2020, 10:37:18 AM IST

Two dead, four hospitalised after leak at Vizag pharma company

Two people died and four were taken ill after benzene gas leaked at a pharmaceutical company at Sainor Life Sciences Pvt Ltd in Visakhapatnam, in early hours on Tuesday.

According to the police, about 30 employees were working at the time of the mishap on the intervening night of Monday and Tuesday.

30 Jun 2020, 10:25:34 AM IST

Nifty technical for Tuesday: Angel Broking

It seems markets are unsure of immediate direction. Neither it has the strength to go pass recent hurdles nor the weakness to fall below key supports. Thus, we continue to remain hopeful as long as 10194 is not broken convincingly and a positive trigger in global or domestic front would take this market higher. For the coming session, 10250-10194 would be seen as a sacrosanct support; whereas on the flipside, 10400-10450 are the levels to watch out for.

Monday, although the FMCG space has been the saviour, overall we witnessed muted activity in the broader market, Sameet Chavan, chief analyst-technical and derivatives, Angel Broking.

30 Jun 2020, 10:17:23 AM IST

Stock recommendations for today: Angel Broking

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30 Jun 2020, 10:07:47 AM IST

Rupee opens higher

The Indian rupee opened higher at 75.48 against the US dollar compared with previous close of 75.58.

30 Jun 2020, 09:56:49 AM IST

Bharat Bond ETF's second tranche to open for subscription on 14 July

The second tranche of Bharat Bond ETF, through which the government is looking to raise up to 14,000 crore, will open for subscription on 14 July, Press Trust of India reported.

The subscription will close on 17 July.

30 Jun 2020, 09:53:26 AM IST

TikTok to meet Indian government to discuss ban

Chinese short video platform TikTok has been invited to meet the Indian government "for an opportunity to respond and submit clarifications", the company’s India Head, Nikhil Gandhi, said in a statement via Twitter.

Gandhi said the company “continues to comply" with all data privacy and security requirements under Indian law and hasn’t shared any user information of Indians with foreign governments, including that in China.

There were no details on when the meeting will be held.

30 Jun 2020, 09:49:35 AM IST

PVR down, cinemas to remain shut till 31 July

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30 Jun 2020, 09:48:41 AM IST

Medium intensity earthquake strikes near Jammu's Katra

A medium intensity earthquake strikes of magnitude 4.0 on the Richter scale struck 84 kms east of Katra, Jammu and Kashmir at 8:56 AM on Tuesday, according to National Centre for Seismology.

30 Jun 2020, 09:43:27 AM IST

Vodafone up ahead of Q4 earnings

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30 Jun 2020, 09:38:27 AM IST

Axis Bank up; board to consider fundraising plans

Shares of Axis Bank rose on Tuesday as the lender said its board of directors will meet on Thursday to explore the option of raising funds.

In a notification to the exchanges, the bank said funds can be raised by issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) programme, preferential allotment or such other permissible mode or combinations, subject to approval of the shareholders and other necessary approvals.

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30 Jun 2020, 09:28:47 AM IST

Nifty broad market indices

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30 Jun 2020, 09:26:12 AM IST

Sensex at open

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30 Jun 2020, 09:23:05 AM IST

Sensex, Nifty surge in opening deals

Indian indices opened higher on Tuesday, with the benchmark Nifty above 10,350 on firm global markets.

At 0916 am, the Sensex was up 180.00 points or 0.51% at 35141.52. About 825 shares have advanced, 268 shares declined, and 38 shares are unchanged.

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30 Jun 2020, 09:12:53 AM IST

Bytedance’s TikTok, Helo disappear from Apple, Google’s app stores in India

Apple and Google seem to be responding to the government’s ban of 59 Chinese apps on Monday. Bytedance owned apps -- TikTok and Helo -- have disappeared from the App Store and Google Play. They could have delisted themselves voluntarily too, and not all apps in the government’s list have been taken off yet.

Popular apps like AliBaba Group’s UC Browser and UC News, Bigo Technologies’ Likee, Xiaomi’s Mi community, Tencent owned WeChat, and e-commerce platforms Club Factory and Shein can still be found on the platforms.

30 Jun 2020, 09:11:30 AM IST

Sensex at pre-open

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30 Jun 2020, 09:07:17 AM IST

Sensex, Nifty rise at pre-open

As expected, benchmark equity indices were higher at pre-open.

At 0902am, the Sensex was up 125.23 points or 0.36% at 35086.75, and the Nifty was up 29.90 points or 0.29% at 10342.30.

30 Jun 2020, 08:58:30 AM IST

India reports 18,000 fresh coronavirus cases, tally at 5,67,536

India recorded over 18,000 covid-19 cases in the last 24 hours, taking the total to 5,67,536. The death toll stands at 16,900.

Delhi recorded 2,084 fresh cases of coronavirus, with its tally at 85,161. Meanwhile, Maharashtra reported 5,257 new covid-19 cases, taking its tally to 1,69,883. Death toll in the state rose by 181 to 7,610.

Globally, more than 10.4 million people have been diagnosed with covid-19. While over 5.65 million have recovered, 507,518 have died of the disease.

30 Jun 2020, 08:53:41 AM IST

Prime Minister Modi to address the nation at 4pm

Prime Minister Narendra Modi will address the nation at 4 pm on Tuesday.

The address follows the government's decision to ban 59 Chinese apps including Tiktok, Helo and UC Browser amid a strain in ties with Beijing.

The Centre late on Monday also released guidelines for the second phase of unlocking the economy.

30 Jun 2020, 08:50:55 AM IST

Tata Steel reports net loss of ₹1,236.17 crore for Q4

Tata Steel on Monday reported a consolidated net loss of 1,236.17 crore for the March quarter because of a provision for impairment on assets held within European operations, overseas mining and Indian operations. The company had reported net profit of 2,353 crore in the year-ago quarter.

For FY20, Tata Steel’s net profit crashed 75% to 2336.69 crore.

While operating revenues dipped marginally in the March quarter, from 35,520 crore in Q4FY19 to 33,769 crore in Q4FY20, the profit/loss account was dragged into negative territory with an impairment of 3,141.43 crore.

30 Jun 2020, 08:44:47 AM IST

Stocks to Watch

In the Indian markets, Cipla, PSU Banks, Vodafone Idea, Bharti Airtel, Tata Steel will be in focus today.

30 Jun 2020, 08:43:27 AM IST

Sunil Mittal bids for SoftBank-backed satellite firm OneWeb: Bloomberg

Indian telecommunications tycoon Sunil Mittal has submitted a bid for OneWeb, the bankrupt satellite firm whose investors include SoftBank Group Corp., Bloomberg reported citing sources.

An arm of Mittal’s Bharti Enterprises Ltd. conglomerate made an offer for London-based OneWeb with backing from the U.K. government, according to the people, who asked not to be identified because the information is private.

30 Jun 2020, 08:41:56 AM IST

Petrol, diesel prices unchanged on Tuesday

Oil marketing companies kept unchanged petrol, diesel rates on Tuesday.

In the last 23 days, the price of petrol has gone up by 9.17 a litre while that of diesel has risen by 11.14 a litre.

30 Jun 2020, 08:35:36 AM IST

China passes controversial Hong Kong security law: Reuters

China's parliament passed national security legislation for Hong Kong on Tuesday, setting the stage for the most radical changes to the former British colony's way of life since it returned to Chinese rule almost exactly 23 years ago, Reuters reported.

The legislation will push Beijing further along a collision course with the US, Britain and other Western governments, which have said it erodes the high degree of autonomy the global financial hub was granted at its 1 July, 1997 handover.

The United States began eliminating Hong Kong's special status under U.S. law on Monday, halting defence exports and restricting the territory's access to high technology products.

30 Jun 2020, 08:32:43 AM IST

SGX Nifty futures up in early deals

Indian markets may be steady on Tuesday following global cues. SGX Nifty was up 0.5% in early deals, indicating a gap up opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 34,961.52, down 209.75 points or 0.60% and the Nifty closed at 10,312.40, down 70.60 points or 0.68%.

30 Jun 2020, 08:30:38 AM IST

Crude oil down in Asian deals

US crude fell 0.48% to $39.51 a barrel, while Brent crude slipped 0.31% to $41.58 per barrel, weighed by concerns about oversupply after Libya cited progress in resuming oil exports.

30 Jun 2020, 08:24:35 AM IST

Asia stocks jump on upbeat economic data out of China

Asian shares rose on Tuesday after data showed China's manufacturing sector grew more than expected in June, rekindling hopes of a recovery in global economy battered by the coronavirus crisis.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9%, while U.S. stock futures, the S&P 500 e-minis, advanced 0.23%.

Overnight gains on Wall Street also boosted sentiment.

The stock market in Australia, which has crucial economic links with China, rose 1.59%, while shares in China gained 0.72%.

Hong Kong stocks jumped 1.18%. The Nikkei rose 2%, shrugging off a larger-than-expected decline in Japanese industrial production.

30 Jun 2020, 08:20:20 AM IST

Wall Street stocks climb on hope of economic recovery

US equities climbed higher on Monday as investors pinned hopes on a stimulus-backed economic rebound. A surge in shares of Boeing to help boost the blue-chip Dow, Reuters reported.

The planemaker's shares jumped 10.2% after a 737 MAX took off from a Seattle-area airport on Monday, the first day of certification flight testing with U.S. Federal Aviation Administration and company test pilots.

The Dow Jones Industrial Average rose 479.07 points, or 1.9%, to 25,494.62, the S&P 500 gained 35.93 points, or 1.2%, to 3,044.98 and the Nasdaq Composite added 89.44 points, or 0.9%, to 9,846.66.

Each of the 11 major S&P sectors was in positive territory, with industrial and material stocks leading gains.

The benchmark S&P 500 has rebounded about 36% from its March 23 closing low. Monday's gains pushed the index above its 200-day moving average, a technical support level it had fallen through with last week's decline.

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