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MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag

Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices.

SI Reporter  |  New Delhi 

MARKETS LIVE: Indices edge lower, Nifty below 10,650 amid weak global cues

Nifty Metal index fell 1.07%. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) NATL. ALUMINIUM 78.35 80.45 -2.10 -2.61 WELSPUN CORP 140.25 144.00 -3.75 -2.60 COAL INDIA 271.30 276.95 -5.65 -2.04 HIND.ZINC 303.50 309.45 -5.95 -1.92 VEDANTA 281.65 286.20 -4.55 -1.59 Nifty Pharma index ends 1.66% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) SUN PHARMA.INDS. 517.85 536.00 -18.15 -3.39 CIPLA 597.00 609.30 -12.30 -2.02 GLENMARK PHARMA. 535.35 542.50 -7.15 -1.32 PIRAMAL ENTERP. 2495.00 2527.95 -32.95 -1.30 CADILA HEALTH. 389.10 393.80 -4.70 -1.19 Sectoral Trend BSE Sensex: Adani Ports, Hindustan Unilever top gainers of the day, Sun Pharma top loser Market at close   The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points. $2.7 bn shaved off PC Jeweller m-cap after promoter gifts shares to family   An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance.   PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday. READ MORE

Benchmark dropped on Friday tracking global markets, while metal and pharma pulled down the ahead of elections in the key state of Karnataka.

The S&P ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.


Among sectoral indices, the Metal index was trading over 1% lower led by a fall in of Hindustan Zinc and Hindalco. The IT index, too, was down led by a fall in of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the  

Pharma pushed both lower, with the Pharma index falling over 1.5%.

Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six that Morgan Stanley is betting on in India to play its 'growth at reasonable price' (GARP) investment strategy.

“Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome. We think this outperformance of growth over value (and quality) will continue in 2018,” said a Morgan Stanley report released on Friday.

ECONOMIC DATA

On the macro front, Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.

The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a three-month high at 51.4 in April from March's 50.3, holding above the 50-mark that separates growth from contraction for a second month.

GLOBAL MARKETS

Asian stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial turned their attention to looming US payrolls data for fresh catalysts.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.

(with Reuters input)

First Published: Fri, May 04 2018. 15:30 IST
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MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag

Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices.

Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices. Benchmark dropped on Friday tracking global markets, while metal and pharma pulled down the ahead of elections in the key state of Karnataka.

The S&P ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.

Among sectoral indices, the Metal index was trading over 1% lower led by a fall in of Hindustan Zinc and Hindalco. The IT index, too, was down led by a fall in of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the  

Pharma pushed both lower, with the Pharma index falling over 1.5%.

Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six that Morgan Stanley is betting on in India to play its 'growth at reasonable price' (GARP) investment strategy.

“Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome. We think this outperformance of growth over value (and quality) will continue in 2018,” said a Morgan Stanley report released on Friday.

ECONOMIC DATA

On the macro front, Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.

The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a three-month high at 51.4 in April from March's 50.3, holding above the 50-mark that separates growth from contraction for a second month.

GLOBAL MARKETS

Asian stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial turned their attention to looming US payrolls data for fresh catalysts.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.

(with Reuters input)

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Business Standard
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MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag

Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices.

Benchmark dropped on Friday tracking global markets, while metal and pharma pulled down the ahead of elections in the key state of Karnataka.

The S&P ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.

Among sectoral indices, the Metal index was trading over 1% lower led by a fall in of Hindustan Zinc and Hindalco. The IT index, too, was down led by a fall in of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the  

Pharma pushed both lower, with the Pharma index falling over 1.5%.


Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six that Morgan Stanley is betting on in India to play its 'growth at reasonable price' (GARP) investment strategy.

“Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome. We think this outperformance of growth over value (and quality) will continue in 2018,” said a Morgan Stanley report released on Friday.

ECONOMIC DATA

On the macro front, Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.

The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a three-month high at 51.4 in April from March's 50.3, holding above the 50-mark that separates growth from contraction for a second month.

GLOBAL MARKETS

Asian stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial turned their attention to looming US payrolls data for fresh catalysts.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.

(with Reuters input)

image
Business Standard
177 22