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MARKET WRAP: Sensex settles 39 pts higher; IT, pharma stocks decline

Sectorally, public sector banks gained the most, with the index closing 1.5 per cent higher. This was followed by Nifty auto index, up 1.15 per cent.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

markets
ended flat on Friday dragged by uncertainty over announcement of any revival package by the government and weak global cues. Indices remained lacklustre for better part of the day, only to turn volatile in the afternoon trading session.

The benchmark S&P BSE Sensex settled with gains of 39 points, or 0.10 per cent, at 37,350 levels led by banking and automobile stocks. The gains were, however, capped by losses in the technology and metal scrips. Power Grid, Maruti Suzuki, YES Bank, and IndusInd Bank were the top gainers at the 30-share index, while TCS, Vedanta, HCL Tech, and HDFC were the top laggards. The broader Nifty50, too, closed at 11,048-mark, up 18 points or 0.17 per cent. The Sensex and Nifty, each, slipped 0.6 per cent during the week, while Nifty Bank and mid-cap indices shed 1 per cent each during the period.

Sectorally, public sector banks gained the most, with the Nifty PSU Bank index closing 1.5 per cent higher. This was followed by Nifty auto index, up 1.15 per cent. Nifty IT and pharma indices ended with cuts of 0.65 per cent and 0.77 per cent, respectively.

In the intra-day trade, the Sensex and Nifty50 slumped to lows of 36,974 and 10,924 levels, down 337 points and 105 points respectively.

In the broader market, S&P BSE mid-cap ended the day at 13,491 level, up 14 points or 0.10 per cent. Further, S&P BSE small-cap settled at 12,585 level, up 14 points, or 0.11 per cent. 

BUZZING STOCKS

Shares of Aarti Industries slipped 8 per cent to Rs 1,595 on the BSE in the intra-day trade on Friday. The stock fell 9 per cent from its early morning high on profit-booking after the management lowered FY20 revenue/profit guidance considering slowdown in end-use industries. The stock closed at Rs 1591, down 8 per cent. READ MORE

Shares of Apollo Hospitals Enterprises rallied 7 per cent intra-day to Rs 1,454 apiece on the BSE on Friday, also its 52-week high, on strong June quarter results for FY20 (Q1FY20). The stock has surged 10 per cent at the bourses since Tuesday, when it reported more than double consolidated net profit at Rs 49 crore. The company had a profit of Rs 23 crore in the year-ago quarter. The stock is 6 per cent away from its all-time high level of Rs 1,544 touched on March 2, 2016. It ended at Rs 1471, up 8 per cent. READ MORE
GLOBAL CUES

World stocks rose on Friday as expectations grew of further stimulus by central banks, offsetting worries about slowing economic growth, which intensified this week as the US yield curve inverted for the first time since 2007.

European shares opened higher, with the pan-European STOXX 600 index 0.7 per cent higher and the trade-sensitive DAX index outperforming.

Japan’s Nikkei recouped early losses to end 0.06% higher and Shanghai blue chips rose 0.3 per cent, after China’s state planner said Beijing would roll out a programme to boost disposable income.

MSCI’s All Country World Index, which tracks equities across 47 countries, was up 0.2 per cent on the day. It was still set for its third straight losing week, down 2.2 per cent.

(With inputs from Reuters)

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