The Indian market closed in the red on Thursday with the BSE Sensex at 35,037.64 points, declining by 0.51 percent, while the NSE Nifty 50 shed over 82 points to end the day at 10,589.10 points, lower by 0.77 percent.

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On the NSE, 14 scrips advanced as against 36 declines, while all sectoral indices ended in the negative zone except Nifty Metal. Nifty IT, Media, Pharma, PSU Bank, Realty declined between 1-2.21 percent.

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US oil prices on Friday held around three-and-a-half year highs touched the previous day as a Canadian production outage disrupted the North American market. International oil markets also remained firm as looming sanctions by Washington against Iran are expected to lead to a sharp drop in supplies from the OPEC-member.

The US dollar ended higher against the rupee at Rs 68.78 per dollar, after touching an all-time high of 69 per dollar, and the pound sterling finished higher at Rs 90.03 at the close of the Interbank Foreign Exchange (forex) market.

India's oil ministry has askedrefiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, two industry sources told Reuters, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.

Indian automobile components manufacturer Varroc Engineering Ltd's initial public offering to raise about 19.55 billion rupees ($284.2 million) was subscribed more than three times on the last day of sale on Thursday.

Rice export prices in top exporter India fell this week to the lowest in over a year due to a plunge in the rupee as demand remained subdued, while rates in Thailand fell on expectations of fresh supplies and weakness in the domestic currency.

The final reading on GDP growth rate of the United States was announced to be at two percent as opposed to the expected growth rate of 2.2 percent.

India and the United States may withdraw contentious tariffs that were imposed in the backdrop of an ongoing trade war. The US may be willing to exempt India from tariffs on steel and aluminium and if that happens, the country will withdraw the notification imposing additional duties on 29 US products, that was to be effective from August 4, government sources told CNBC-TV18 news.

HDFC Asset Management Co. on Thursday received Securities and Exchange Board of India’s (Sebi) approval to float aninitial public offer (IPO). HDFC Mutual Fund had filed draft papers with Sebi in March.

First Published:Jun 29, 2018 8:10 AM IST