Sensex ends on Friday 509 pts lower, Nifty slips over 1%; Nifty Metal index down 2%
The market ended lower amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.
The S&P BSE Sensex ended at 33,176, down 510 points while the broader Nifty50 index settled at 10,195, down 165 points.
Among sectors, metal companies were under pressure falling by over 2% on the NSE on fears that the tariffs could disrupt growth. SAIL, Vendanta, Hind Copper were trading lower in the range of 3% to 5% on the NSE.
Shares of Tata Motors, Tata Motors DVR, Force Motors, BEML, ICRA, Great Eastern Shipping Company and Max Financial Services were among nine stocks from the S&P BSE 500 index hitting their respective fresh 52-week lows in noon deal on the BSE.
Ramky Infrastructure has been awarded project worth Rs 939.41 crore in Srinagar in the State of Jammu & Kashmir by National Highways Authority of India (NHAI) on EPC mode. The stock gained 1.5 percent.
Shares of Dr Reddy’s Laboratories declined 3 percent as it has received Form 483 with 4 observations for its API Hyderabad Plant 1 at Jinnaram Mandal, Medak Telengana from USFDA.
Shares of oil marketing companies (OMCs) were under pressure falling by upto 4% on the BSE in intra-day trade. Indian Oil Corporation (IOCL), Hindustan Oil Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were trading lower in the range of 3% to 4% on the BSE.
Jaiprakash Associates has moved higher by 15% to Rs 22, extending its Thursday’s over 15% surge on the National Stock Exchange (NSE), after Rare Enterprises purchased 30 million shares of the company worth Rs 551 million through open market.
Shares of public sector banks (PSBs) were in focus with the Nifty PSU Bank index rising 4% thus far in current week, to record its biggest weekly gain since November 2017.
HEG hit a new high of Rs 3,148, up 4%, extending its past four days 18% rally on the BSE in otherwise weak market on Friday. The company engaged in graphite electrodes business has outperformed the market by surging 23%, as compared to 0.61% rise in the Sensex thus far in the current week. In the past one year, the market value of HEG zoomed 1,245% from Rs 234, against 13% rise in the benchmark index.
Steel Strips Wheels (SSWL) announced bagging of yet another big exports order for supply of steel wheels for EU Caravan market.
Private sector lender Yes Bank has sold 2.17 percent stake in Fortis Healthcare, out of over 17 percent stake it acquired last month. Yes Bank had acquired 17.31 percent stake in Fortis Healthcare following invocation of nearly 9 crore pledged shares last month.
Edelweiss Financial Services said its acquisition of Religare Enterprises Ltd’s securities business had been terminated for want of necessary approvals.