ALSO READMarkets pare losses to turn flat; pharma, realty stocks lead Sensex, Nifty end at fresh highs for 2nd straight session; TCS top gainer Sensex, Nifty end at fresh closing highs, but on negative market breadth Sensex ends over 150 points lower, Nifty below 9,050; RIL down 3% Markets end lower ahead of IIP, CPI data; Infosys results eyed
Benchmark indices settled the day flat tracking weaker global cues amid concerns that central banks are moving closer to removing the monetary stimulus. The intra-day losses were recouped after index heavyweight Reliance Industries rallied to hit 9-year high. Losses were also capped as pharma and realty indices surged through the day on value buying.
Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week.
The S&P BSE Sensex ended at 31,360, down 9 points after while the broader Nifty50 was ruling at 9,666, down 9 points
In the broader market, the S&P BSE Midcap was a little changed but ended in red while S&P BSE Smallcap index gained 0.3%.
Asian shares also ended trading lower following overnight trade in Wall Street while European markets were also trading in red as investors look out for economic data and G-20 summit outcome.
"Buoyed sentiment in the domestic market slowed due to a caution which prevailed ahead of US jobs data and concerns over tighter monetary policy in Europe. On the other hand, Investors gave attention to pharma stocks as part of value buying which supports the market to recover from intraday low," said Vinod Nair, Head of Research, Geojit Financial Services in a note.
Stocks and Sectors
Lupin ended nearly 4% higher to post its first weekly gains after 4 weeks. The rally in Lupin pushed the Nifty Pharma index up 1.3% in today’s trade.
Shares of oil-to-telecom heavyweight Reliance Industries surged as much as 3.8% to Rs 1,497, hitting an over 9-year high on the BSE in intraday trade on its much-awaited 4G VoLTE feature phone within this month, with its price pegged as low as Rs 500, a move which could bring in another wave of disruption in the telecom market.
RIL is the most valued firm in terms of market capitalisation of Rs 4.80 lakh crore followed by IT major TCS, which is at Rs 4.50 lakh crore.
Unitech was locked upper circuit of 20% at Rs 7.80 on the National Stock Exchange (NSE) with nearly five-fold jump in trading volume.
Meanwhile, Financials and IT stocks weighed on the indexes with ICICI Bank and HDFC down over 1.5% for the day.
Infosys shares fell over 1% ahead of June-quarter results on July 14. The IT major slipped a little over 6% in the last 6 months and nearly 20% in the last one year.
World stocks are poised to end the week at six-week lows in the face of oil weakness, a spike in bond yields and anticipation of tighter monetary policy, particularly in the United States. MSCI's gauge of global stocks was at its lowest since late May's record highs and down 0.6% for the week.
European shares slipped on Friday but were set to end the week flat as the market sought a floor following a sell-off sparked by expectations of tightening monetary conditions.
The STOXX 600 index fell 0.2% but remained above the 11-week low hit in the previous session, when European Central Bank minutes showed the euro zone rate-setters had left the door open to scrapping its bond-buying pledge.