Benign reaction to UK poll verdict; Sensex, Nifty erase losses to end on Friday in green
The benchmark indices ended marginally higher on Friday tracking mixed trend seen in global markets as investors reacted benignly to the UK poll verdict, which left no single party with a clear claim to power.
The S&P BSE Sensex settled at 31,262, up 48 points, while the broader Nifty50 closed at 9,668, up 21 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.3% and 0.5%, respectively.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,380 shares rose and 1,289 shares fell. A total of 187 shares were unchanged.
Maruti Suzuki India surpassed information technology (IT) major Infosys and state-owned oil exploration & production company Oil and Natural Gas Corporation (ONGC) in overall market capitalization (market cap) ranking after a sharp rally in automobiles giant share price. The stock was the top Sensex gainer, adding over 3% to Rs 7,460 on the BSE.
With the market cap of Rs 2,25,351 crore, the company currently stands ahead of ONGC (Rs 2,17,266 crore) and Infosys (Rs 2,17,865 crore), the BSE data showed.
Infosys pared most losses to settle nearly 1% lower at Rs 948 after the company issued clarification with regard to reports speculating on plans of stake sale by the promoters. The stock dropped nearly 4% in intraday trade.
“The reports in the media are speculating on plans of stake sale by the promoters. This speculation has already been categorically denied by the promoters”, Infosys said on clarification of the news report.
Reliance Communications continued its slide, falling as much as 3.2% in intraday trade. The company on Wednesday pushed back against Moody’s and Fitch, disagreeing with the ratings agencies’ downgrade. The stock ended at Rs 18, down 0.5%.
Among gainers, Natco Pharma hit a new high of Rs 1,054, up 3%, extending its 15% gains of the last eight trading sessions after the company registered a nearly three-fold growth in consolidated net profit at Rs 176 crore in Q4FY17 against Rs 63 crore posted in the corresponding quarter of the previous year.
Shares of state-owned electric utility companies such as NHPC and SJVN rallied more than 5% each on reports that the government has decided to provide a Rs 16,000-crore bailout package to the hydropower sector, drowning under a spate of stalled and stressed projects.