Stocks: Key indices posted modest losses tracking weakness in global stocks and after the Federal Reserve hiked the fed-funds rate by a quarter-point to between 1 pct and 1.25 pct. The S&P BSE Sensex shed 205.66 points or 0.66 pct to settle at 31,056.40. The sensex has dropped by 216.89 or 0.69 per cent in two weeks. The Nifty 50 index dropped 80.20 points or 0.83 pct to settle at 9,588.05. There had been concerns that higher interest rates in the United States will boost returns on US debt and bank deposits, drawing money back from riskier markets. Trading for the week began on a dull note as the key benchmark indices registered modest losses on Monday. Key benchmark indices garnered modest gains after gyrating in a small range during the day on Wednesday as firmness in most global stocks and data showing wholesale price inflation easing in May, supported gains on the bourses. Key benchmark indices registered modest losses on Thursday weighed by weakness in global stocks as investors stepped back from risky assets following the Federal Reserve's policy decision. From the 30-share Sensex pack, 22 stocks rose and eight fell. Reliance Industries (RIL) jumped 3.92 pct. The stock was the biggest gainer from the Sensex pack.
RIL and BP on Thursday announced that they are moving forward to develop already-discovered deepwater gas fields, bringing new gas production for India.
The two companies have agreed to deepen and expand their partnership to work jointly across a wide range of areas throughout India's energy sector.
IT stocks dropped on recent slide in tech stocks in the US and after anemic economic data in the US, the biggest IT outsourcing market for Indian IT companies.
On the macroeconomic data front, merchandise exports have shown growth of 8.32 pct in dollar terms valued at USD 24014.62 million during May 2017 as compared to USD 22170.62 million during May 2016.
The annual rate of inflation, based on monthly wholesale price index (WPI) stood at 2.17 pct (provisional) for the month of May 2017 over May 2016 as compared to 3.85 pct (provisional) for the previous month.
The retail price inflation, as measured by the consumer price index (CPI), slowed to 2.18 pct in May from 2.99 pct in April 2017 as food prices started falling from their year-ago level.
The index of industrial production (IIP) rose by 3.1 pct in April led by robust growth in electricity generation.
On the global front, the Federal Reserve hiked the fed-funds rate by a quarter-point to between 1 pct and 1.25 pct, as expected, after its two-day policy meeting on Wednesday.
Major losers from the sensex pack were TCS 4.49 pct, followed by Larsen 2.81 pct, M&M 2.66 pct, Lupin 2.55 pct, Tata Motors 2.50 pct, Maruti 2.48 pct, Coal India 2.39 pct, Cipla 2.35 pct, Bharti Airtel 2.04 pct, Icici Bank 1.88 pct and ONGC 1.36 pct.
However, other gainers from sensex pack were Dr Reddy's Lab 1.77 pct followed by NTPC 1.49 pct and Powergreed 1.33 pct.
Among the S&P BSE sectoral indices Metal fell by 2.42 pct followed by IT 2.15 pct, Teck 2.03 pct, Auto 1.55 pct, Capital Goods 1.40 pct and Bankex 0.86 pct.
However, Realty index rose by 4.47 pct.
Small-cap index rose by 0.76 pct while Mid-cap index fell by 0.46.
The total turnover during the week on BSE dropped to Rs 18,341.14 cr from the last weekend's level of 20,950.40 cr while NSE rose to Rs 1,16,212.33 cr from Rs 1,10,995.07 cr last week.
Bullion: After its last week recovery, both the precious metal slipped during the week at the domestic bullion market here due to slackened demand from jewellers stockists and traders. The yellow metal showed weakness meandered round narrow ranges in the absence any major buying activity largely in tandem with a weak trend in global market. Lack of local buying support at existing levels and unwinding of long positions by speculative traders also added downward pressure on gold. Elsewhere, silver fell below the significant Rs 40K mark due to heavy speculative selling coupled lack of demand from industrial users. The white-metal cracked below the Rs 40,000-mark owing to lack of industrial buying support. In worldwide trade, Gold prices yesterday edged up from the three-week low it struck a day earlier but the down beat tone, in the wake of signals from the Federal Reserve for another increase to interest rates this year, sent the yellow metal down for a second-straight week. Gold gained modestly in the short term, in part as a closely watched dollar index slipped, making the metal more attractive to investors using another currency. August gold tacked on to settle at USD 1,256.50. The metal suffered a 1.2 per cent weekly decline. That marked back-to-back weekly losses for gold after last week's decline snapped a string of five-straight weekly gains. July silver fell 5.5 cents, to end at USD 16.661 an ounce, settling at its lowest in more than a month. The white metal declined 3.3 per cent for the week.
In the New York Comex trade, gold for August delivery fell to USD 1,256.50 an ounce compared to last Friday's level of USD 1,271.40 and silver for July contract declined to close at USD 16.661 an ounce from USD 17.223. On the domestic front, standard gold (99.5 purity) resumed lower at Rs 28,840 per 10 grams from last Friday's closing level of Rs 28,945 and dipped further to Rs 28,720 before ending at Rs 28,670, revealing a loss of Rs 275, or 0.95 per cent. Pure gold (99.9 purity) also commenced negative at Rs 28,990 per 10 grams compared to preceding weekend level of Rs 29,095 and dropped further to Rs 28,870 before finishing at Rs 28,820, showing a loss of Rs 275, or 0.95 per cent. Silver ready (.999 fineness) opened lower at Rs 39,700 per kilogram from last weekend's level of Rs 40,085 and fell further to Rs 39,000 before closing at Rs 38,960, revealing a sharp loss of Rs 1,125, or 2.81 pct.