Nifty ends below 11,000 in volatile trade, Bharti Airtel gains 7 pc

Equity benchmark indices staged a strong recovery from intraday lows on Friday and closed the week with a positive note.

The BSE S & P Sensex closed 100 points higher at 37,118 while the Nifty 50 edged 17 points higher to 10,997.

However, investors said the impact of Union Budget on market sentiment still continues. Moreover, subdued quarterly corporate earnings and clear signs of an economic slowdown are serious concerns.

At the National Stock Exchange, sectoral indices were mixed with Nifty auto up 1.13 per cent while metal, media and PSU banks were down over 1 per cent.

Among stocks, Bharti Airtel soared nearly 7 per cent at Rs 346.55 per share despite posting a net loss of Rs 2,866 crore in Q1 FY20.

Asian Paints was up by 2.8 per cent, Eicher Motors and Bajaj Auto by 2.5 per cent each, Maruti by 2.4 per cent and HDFC by 2.3 per cent. The other prominent gainers were UltraTech Cement, Tech Mahindra, Mahindra and Mahindra, and Hero MotoCorp.

However, Coffee Day Enterprises plunged another 10 per cent for the fourth day in a row and traded at Rs 99.90 per share.

Indiabulls Housing Finance slipped by 8.6 per cent, Tata Steel by nearly 3 per cent and State Bank of India by 2.9 per cent. Coal India, Wipro, Vedanta, ONGC, NTPC and Power Grid Corporation also traded in the negative zone.

Meanwhile, Asian stocks were in the red with MSCI's broadest index of Asia-Pacific shares outside Japan down by 1.6 per cent and Japan's Nikkei by 2.2 per cent. Chinese stocks were also hit hard with the benchmark Shanghai Composite down 1.4 per cent while Hong Kong's Hang Seng dropped 2.3 per cent.

Even globally, shares took another beating after US President Donald Trump said he will impose 10 per cent tariff on the remaining 300 billion dollars of Chinese imports from September 1.

His announcement came a day after US and Chinese negotiators concluded a meeting in Shanghai without significant signs of progress. That ignited fears of a serious disruption in global supply chains.

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