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The S&P BSE Sensex index closed down  points on Monday after shuttling in a narrow range of 35,722 and 35,518 with shares of India’s second-largest private sector lender ICICI Bank emerging as the biggest gainers among all the listed components of the index. A huge volatility was seen in the domestic markets on Monday as India Vix, the valotility barometer on NSE, dropped 20.88% before closing up 2.4% at 12.36. All the sectoral indices of NSE settled in red on Monday barring Nifty Auto and Nifty Private Bank index. The benchmark Sensex closed down 73.88 points or 0.21% at 35,548.26 whereas the broader Nifty 50 concluded 17.85 points or 0.17% lower at 10,799.85 on Monday.

Among Asian peers, Japan’s Nikkei, China’s Shanghai Composite and South Korea’s Kospi fell 0.7-1.1 percent.

The United States imposed an extra 25 percent import tariff on more than 800 Chinese goods, which will be effective from July 6. As a result, China also responded with a 25 percent tariff on certain US products.

Brent crude futures rebounded to trade above $74 a barrel, up a percent amid likely increase in output in the upcoming OPEC and its allies meeting later in the week. Before the recovery, it was down more than a percent.

On the stock front, oil retailers HPCL, BPCL and IOC gained up to 5 percent due to stable crude oil prices. Aviation stocks like InterGlobe Aviation, SpiceJet and Jet Airways also rallied up to 2.5 percent.

ICICI Bank was the top gainer among Sensex 30 stocks, rising nearly 3.7 percent on a media report that the board may be considering an appointment of “interim CEO’.

Dr Reddy’s Laboratories gained 1.5 percent despite the court has issued a temporary restraining order against the company with respect to further sales and commercialisation of Buprenorphine and Naloxone Sublingual Film within the US.

The Nifty IT index fell 0.7 percent on profit booking after a 2.5 percent rally in the last week. Infosys, TCS and HCL Technologies were down 0.6-1.6 percent.

Vedanta, Kotak Mahindra Bank, Bajaj Finance, Axis Bank, Hindalco, Bharti Airtel and Grasim slipped 1-3 percent followed by HDFC and HDFC Bank that shed half a percent whereas Tata Motors and Eicher Motors gained 2 percent each.

The Nifty Midcap index underperformed frontliners, falling 0.35 percent on weak market breadth. About two shares declined for every share rising on the NSE.

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