You are here: Home » Markets » News
Business Standard

MARKET WRAP: Indices end lower, Nifty fails to hold 10700; bank stocks fall

Benchmark indices edged lower on Friday as losses in financials offset gains in auto stock

SI Reporter  |  New Delhi 

Bonds, Stock markets, Shares, Trading
Stock markets

Nifty Bank index ends 0.98% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) FEDERAL BANK 83.00 84.80 -1.80 -2.12 INDUSIND BANK 1915.40 1955.45 -40.05 -2.05 AXIS BANK 536.65 545.90 -9.25 -1.69 RBL BANK 507.55 515.90 -8.35 -1.62 HDFC BANK 2110.60 2139.45 -28.85 -1.35 Nifty sectoral losers of the day BSE Sensex: Bajaj Auto, Maruti Suzuki among top gainers of the day, ONGC top loser Market at close   The S&P BSE Sensex ended at 35,227, down 95 points while the broader Nifty50 index settled at 10,696, down 40 points. Gold steady amid renewed trade tensions Gold prices were steady in Asian trade on Friday on renewed fears of a global trade war, while a firm dollar and positive US economic data weighed on the market.   Spot gold was nearly unchanged at $1,298.29 per ounce, while U.S. gold futures for June delivery were down 0.2 percent at $1,298 per ounce. Spot gold is down slightly this week. READ MOER Gold Move over dollar, next rally in EM currencies: Top investment manager The dollar’s run is ending, and it’s time to return to emerging market currencies after their two-month slump, according to AMP Capital Investors Ltd.   The advance in Treasury yields across the curve will probably stall from here, while US-China trade tensions will turn from being dollar positive to negative, said Nader Naeimi, who runs AMP’s $1.2 billion Dynamic Markets Fund and has begun shorting the greenback. READ MORE

Benchmark edged lower on Friday as losses in financials offset gains in auto stocks, with investor focus shifting to the monsoons. 

The S&P ended at 35,227, down 95 points while the broader Nifty50 index settled at 10,696, down 40 points.

Among sectoral indices, the Bank index ended over 1% lower led by a fall in the of IndusInd Bank and Federal Bank.

Meanwhile, government data showed on Thursday that Indian economy grew 7.7% year-on-year in January-March, its quickest pace in nearly two years driven by higher growth in manufacturing, the farm sector and construction.

The faster pace of growth in the latest quarter might also strengthen expectations of an interest rate increase by the Reserve Bank of India (RBI) as its reviews monetary policy next week.

Amid othre macro data, India's manufacturing sector activity eased in May as new work orders rose at a weaker pace, while rising inflationary pressures might prompt the Reserve Bank to hike interest rates, says a monthly survey.

The Nikkei India Manufacturing Purchasing Managers Index (PMI) fell from 51.6 in April to 51.2 in May.

MSCI ADDS CHINA-A TO EMERGING INDEX

Global market research and index company MSCI Inc will add roughly 230 China-listed to its emerging market benchmark in a two-step process starting on June 1, a move expected to drive a surge of foreign money into the country's stock

MSCI's decision a year ago to include yuan-denominated Chinese stocks, or "A-shares", into its emerging market (EM) index triggered a rally in Chinese blue-chips in 2017, though the market has corrected this year amid rising borrowing costs and fears of a Sino-U.S. trade war.

GLOBAL MARKETS
 
Asian equities recovered from early weakness on Friday as a lower yen supported Japanese and firm exports boosted South Korean Still, rekindled concerns about US trade policies limited regional gains.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1% but the index was still down roughly 0.6% for the week, during which it hit a six-week low on concerns about Italy’s struggle to form a government.

However, regional sentiment recovered somewhat with South Korea's KOSPI rising 0.7% on upbeat export data and Japan's Nikkei advancing 0.2% off the back of yen weakness against the dollar.
 
(with wire inputs)

First Published: Fri, June 01 2018. 15:30 IST
RECOMMENDED FOR YOU

MARKET WRAP: Indices end lower, Nifty fails to hold 10700; bank stocks fall

Benchmark indices edged lower on Friday as losses in financials offset gains in auto stock

Benchmark edged lower on Friday as losses in financials offset gains in auto stocks, with investor focus shifting to the monsoons. 

The S&P ended at 35,227, down 95 points while the broader Nifty50 index settled at 10,696, down 40 points.

Among sectoral indices, the Bank index ended over 1% lower led by a fall in the of IndusInd Bank and Federal Bank.

Meanwhile, government data showed on Thursday that Indian economy grew 7.7% year-on-year in January-March, its quickest pace in nearly two years driven by higher growth in manufacturing, the farm sector and construction.

The faster pace of growth in the latest quarter might also strengthen expectations of an interest rate increase by the Reserve Bank of India (RBI) as its reviews monetary policy next week.

Amid othre macro data, India's manufacturing sector activity eased in May as new work orders rose at a weaker pace, while rising inflationary pressures might prompt the Reserve Bank to hike interest rates, says a monthly survey.

The Nikkei India Manufacturing Purchasing Managers Index (PMI) fell from 51.6 in April to 51.2 in May.

MSCI ADDS CHINA-A TO EMERGING INDEX

Global market research and index company MSCI Inc will add roughly 230 China-listed to its emerging market benchmark in a two-step process starting on June 1, a move expected to drive a surge of foreign money into the country's stock

MSCI's decision a year ago to include yuan-denominated Chinese stocks, or "A-shares", into its emerging market (EM) index triggered a rally in Chinese blue-chips in 2017, though the market has corrected this year amid rising borrowing costs and fears of a Sino-U.S. trade war.

GLOBAL MARKETS
 
Asian equities recovered from early weakness on Friday as a lower yen supported Japanese and firm exports boosted South Korean Still, rekindled concerns about US trade policies limited regional gains.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1% but the index was still down roughly 0.6% for the week, during which it hit a six-week low on concerns about Italy’s struggle to form a government.

However, regional sentiment recovered somewhat with South Korea's KOSPI rising 0.7% on upbeat export data and Japan's Nikkei advancing 0.2% off the back of yen weakness against the dollar.
 
(with wire inputs)

image
Business Standard
177 22