Indian market closed in the green as trade tensions between US and China faded.

Share Market Live

NSE

The Nifty held 10,700, to close with a gain of 62 points at 10,772 and the Sensex 261 points higher at 35,547.

Reliance Industries Ltd was the top performer amongst index stocks, with the stock contributing 20 points to gains as the Mukesh Ambani-led company made a soft launch of 5G services.

Other major gainers were HDFC twins, Kotak Mahindra Bank and IndusInd Bank.

On the losing side, oil marketing companies continued to see underperformance with Brent finding major support at $75/bbl and Nymex at $65/bbl.

All three oil marketing companies Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) edged 1-2% lower.

In broader market, the Nifty Bank surged 292 points to 26,558.

Laurence Balanco of CLSA has a 2018-end target of 31,000 for the Nifty Bank, "Indian market has broken the trend of underperformance on a relative basis. And, the uptrend will continue as long as the Nifty holds above 50-day moving average of 10,650.”

Automobile stocks too performed in-line with key indices, as Meteorological Department expects monsoon to expand to eastern and central India in the next three-four days.

It said, "There’s no change in earlier forecast of normal monsoon this year as rains so far have been normal."

But, aviation stocks saw a fall today as domestic air traffic saw a growth of 16.5% in the month of May, lowest in last eight months.

Adding to that, Indigo’s top management being summoned by the Enforcement Directorate, also had an impact, with stocks falling over 7%.

In the Futures market, the Nifty 10,700 Put option saw an addition of 11 lakh shares with premium slipping 44% and 10,900 Call option adding 2 lakh shares with premium surging 33%.

The Nifty June Futures closed with a premium of 13 points against Tuesday’s level of 10 points.

Stocks that saw major change in open interest were NIIT Tech, Just Dial, IndiGo and Bata.

On the global front, Asian stocks closed higher, with regional markets paring some of the sharp losses made in the previous session caused by elevated fears of a trade war between the US and China.

Japan's Nikkei 225 rose 1.2% to end at 22,555. Consumer and technology stocks rose, but materials and banks declined.

Pharmaceutical stocks led gains on the day, while the Topix mining subindex was the worst-performing sector.

Markets in South Korea shrugged off trade-related concerns, with the Kospi rising 1% to close at 2,364.

Among index heavyweights, SK Hynix rose 4.4% and steelmaker Posco gained 0.7%.

Greater China markets also recovered slightly after Tuesday's plunge.

The Hang Seng Index tacked on 0.8%, with the services and consumer goods sectors contributing to gains before the market close.

Mainland markets reversed early declines to finish the day higher.

The Shanghai Composite closed up 0.3% at 2,916.74, although it remained below the 3,000 mark it breached on Tuesday.

The smaller Shenzhen Composite ended the day higher by 1.1%.