Nifty settles below 9,800, down over 1.5% for the week; Sensex ends flat
Benchmark indices pared gains to end flat, losing over 1.5% in the week on foreign fund outflows amid worries that the government may widen its fiscal deficit target of 3.2% of gross domestic product for the year ending in March 2018 to boost an economy that grew at a slower pace than expected.
Broader markets outperformed benchmark indices with BSE Midcap and BSE smallcap indices gaining 0.8% and 1% respectively. Both indices ended over 1% for the week
Foreign investors net selling equities worth $1.1 billion during the month. They had sold worth $2 billion in shares in August.
Bajaj Auto, Adani Ports, GAIL and Eicher Motors gained the most on both indices, while HUL and Wipro were the top losers.
Realty firm Godrej Properties today said it has entered into a joint venture agreement with Royale Builders and Developers to develop a 13-acre group housing project in north Bengaluru.
MEP Infrastructure Developers surged 5.58% to Rs 102.10 on BSE after the company said it has secured a contract for the collection of toll at all entry points to Delhi.
Drug firm Zydus Cadila has received final approval from the US health regulator to market doxycycline tablets, used for the treatment of different types of bacterial infections such as acne and eye infection.
Ganesh Benzoplast hit a 52-week high of Rs 94.50, up 15% on BSE after the company said it has won a case against Pan Asia Industries, for recovery of outstanding dues of Rs 5.50 crore plus interest.
SBI Life Insurance Company, which recently completed its initial share sale offer, will make its stock market debut on Tuesday.