Nifty Bank index ends 0.98% lower. Top losers:
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
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
edged lower on Friday as losses in financials offset gains in auto stocks, with investor focus shifting to the monsoons.
The S&P BSE Sensex
ended at 35,227, down 95 points while the broader Nifty50 index settled at 10,696, down 40 points.
Among sectoral indices, the Nifty
Bank index ended over 1% lower led by a fall in the shares
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.
MSCI ADDS CHINA-A SHARES TO EMERGING MARKETS INDEX
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.
Global market research and index company MSCI Inc will add roughly 230 China-listed shares
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 markets.
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.
Asian equities recovered from early weakness on Friday as a lower yen supported Japanese stocks
and firm exports boosted South Korean markets.
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.
(with wire inputs)
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.