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Nifty ends flat for the day, up 1.5% for the week; RIL, Lupin top gainers

BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week

Pranati Deva  |  New Delhi 

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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 Industries rallied to hit 9-year high. Losses were also capped as pharma and indices surged through the day on value buying. 
 
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 was up 1.4% for the week, extending gains for the second consecutive week.

 
The S&P BSE 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 was a little changed but ended in red while S&P BSE index gained 0.3%. 
 
Asian shares also ended trading lower following overnight trade in Wall Street while European 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
 
ended nearly 4% higher to post its first weekly gains after 4 weeks. The rally in pushed the Pharma index up 1.3% in today’s trade.
 
Shares of oil-to-telecom heavyweight 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.
 
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.
 
Global Markets
 
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.

First Published: Fri, July 07 2017. 15:36 IST
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