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Buzzing stocks
SBI was the top loser on Sensex and shed over 2% to Rs 288 on the BSE.
Tata Motors and Tata Steel were also down 2% each after in a huge block deal Tata Steel sold 83.6 million equity shares of Tata Motors to Tata Sons.
Fortis Healthcare tanked over 9% to Rs 180 after Malaysia’s healthcare services provider IHH Healthcare Berhad on Thursday said it is not close to “concluding any negotiations” to buy controlling stake in Fortis.
In a filing with the Malaysian stock exchange, IHH said, “IHH is not, nor is it close to, concluding any negotiations or due-diligence or transactions in India at this point in time.”
Among gainers, MindTree was up 3% to Rs 535 on the BSE after IT consulting & software services provider said that its board will meet on June 28, to consider a share buyback proposal.
Lenders take Bhushan, Essar and Electrosteel to NCLT
A forum of lenders, led by the State Bank of India (SBI), on Thursday sent three large non-performing accounts — Bhushan Steel, Essar Steel and Electrosteel Steels — to the National Company Law Tribunal (NCLT) for further action under the Insolvency and Bankruptcy Code (IBC). The three companies have almost Rs 1 lakh crore of debt that has turned bad.
Oil prices set for worst H1 performance in 20 years
Oil edged up on Friday, recovering slightly from steep falls earlier in the week, but is set for the worst performing first-half in two decades despite ongoing production cuts.
Brent crude futures were at $45.31 per barrel, up 9 cents, or 0.2% from their last close.
US West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2% at $42.84 per barrel.
Oil prices have fallen about 20% this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day (bpd) that has been in place since January.
Global markets
Asian shares were trading mixed. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, and up 0.4% for the week.
Japan's Nikkei stock index edged down slightly, but was on track to log a rise of 0.8% in a week in which it touched its highest levels since August 2015.
On Wall Street overnight, US shares put in a mixed performance, though the S&P healthcare index rose 1% and hit its fifth consecutive record close following the release of Senate Republicans' bill.
(With inputs from Reuters)
