Nifty ends flat on Friday, up 1.5% for the week; RIL, Lupin top gainers
Benchmark indices settled the day flat tracking weaker global cues amid concerns that central banks are moving closer to removing the monetary stimulus. The intra-day losses were recouped after index heavyweight Reliance Industries rallied to hit 9-year high. Losses were also capped as pharma and realty indices surged through the day on value buying.
Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week.
The S&P BSE Sensex ended at 31,360, down 9 points after while the broader Nifty50 was ruling at 9,666, down 9 points
In the broader market, the S&P BSE Midcap was a little changed but ended in red while S&P BSE Smallcap index gained 0.3%.
Lupin ended nearly 4% higher to post its first weekly gains after 4 weeks. The rally in Lupin pushed the Nifty Pharma index up 1.3% in today’s trade.
Shares of oil-to-telecom heavyweight Reliance Industries surged as much as 3.8% to Rs 1,497, hitting an over 9-year high on the BSE in intraday trade on its much-awaited 4G VoLTE feature phone within this month, with its price pegged as low as Rs 500, a move which could bring in another wave of disruption in the telecom market.
RIL is the most valued firm in terms of market capitalisation of Rs 4.80 lakh crore followed by IT major TCS, which is at Rs 4.50 lakh crore.
Unitech was locked upper circuit of 20% at Rs 7.80 on the National Stock Exchange (NSE) with nearly five-fold jump in trading volume.
Meanwhile, Financials and IT stocks weighed on the indexes with ICICI Bank and HDFC down over 1.5% for the day.
Infosys shares fell over 1% ahead of June-quarter results on July 14. The IT major slipped a little over 6% in the last 6 months and nearly 20% in the last one year.