Markets settle lower on profit-booking on Friday, but gains most in six weeks

The benchmark indices on Friday settled lower as investors booked profits in index heavyweights such as ITC and HDFC ahead of a long weekend, but posted their biggest weekly gain in six weeks.

The S&P BSE Sensex ended at 29,918 down 111 points, while the broader Nifty50 closed at 9,304, down 38 points.

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices outperformed to gain 0.2% and 0.6%, respectively.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,479 shares fell and 1,386 shares rose. A total of 136 shares were unchanged.

Nifty Realty index (down 1.7%) was the leading sectoral loser, led by losses in Prestige (down 4%) and Delta Corp (down 4%) and Indiabulls Real Estate (down 3%).

The Nifty Bank pared entire intraday losses to settle 0.1% higher.

Public sector banks (PSBs), Andhra Bank, Canara Bank, Indian Bank, Oriental Bank of Commerce and Vijaya Bank hit their respective 52-week highs on the NSE with Nifty PSU Bank index gaining 3%.

Syndicate Bank, Canara Bank, Union Bank, Allahabad Bank and Andhra Bank gained anywhere between 5% to 9%.

Consumer goods and cigarettes maker ITC (down 2%) declined for the second day and was the biggest loser on the Nifty.

Shares of Tata Teleservices (Maharashtra) hit the upper circuit limit of 20% after the Delhi High Court approved a $1.2 billion settlement between promoter Tata Sons and NTT DoCoMo.

Among the losers, biopharmaceutical company Biocon fell over 3% in intraday trade after the company on Thursday reported a 62% plunge in March-quarter consolidated profit. The stock settled at Rs 1,113, down 0.5%.

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