Sensex ends flat on Friday, Nifty holds 10,300; PSU banks gain
Benchmark indices ended flat on Friday, as investors remained cautious after sentiment soured on renewed fears of a trade war after US President Donald Trump proposed more tariffs on China.
Back home, the Reserve Bank of India (RBI) on Thursday adopted a remarkably dovish tone, surprising analysts who were expecting the firming up of rates in the medium term, even as one of the six members in the Monetary Policy Committee (MPC) voted for a hike in an otherwise status quo policy.
The S&P BSE Sensex ended at 33,627, up 30 points while the broader Nifty50 index settled at 10,331, up 6 points.
Reliance Communications Ltd (RCom) said on Friday it received the National Company Law Appellate Tribunal’s (NCLAT) approval to proceed with the sale of its tower and fibre business.
Shares of public sector bank were in focus for the second straight day with Nifty PSU Bank index nearly 1%, extending its Thursday’s 5% surge, after the Reserve Bank of India (RBI) maintained status quo on the key short-term borrowing rate in its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on Thursday.
Punjab National Bank (PNB), Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda, Union Bank of India, Bank of India and Canara Bank were up in the range of 1% to 4% on the National Stock Exchange (NSE).
Galaxy Surfactants dipped 2% to Rs 1,400, extending its past three days 5% decline after the company received Form 483 for two of its facilities in Maharashtra after United States Food and Drug Administration (USFDA) audit.
Pidilite Industries has entered into the league of corporate entities with a market value of over Rs 500 billion after the stock price of the company hit a new high on the BSE. Pidilite Industries with a m-cap of Rs 500.73 billion stood at number 62nd position in overall m-cap ranking at 10:28 am, the BSE data shows. The stock was trading 1% higher at Rs 977 hit a new high of Rs 982 on the BSE in intra-day deal.
Lupin has moved higher by 7% to Rs 843 on the National Stock Exchange (NSE) after the pharmaceutical company said that it has received establishment investigation report (EIR) from the United States Food and Drug Administration (US FDA) for the successful inspection of Pithampur Unit 1. The inspection was conducted in July 2017. EIR indicates closure of plant inspection by the US regulatory agency.
Shares of Sona Koyo Steering Systems have dipped 9% to Rs 89.45 per share on the BSE in early morning deal as the promoters share sale through offer for sale (OFS) began today, April 6, 2018. The floor price of the OFS is Rs 85 per share.
Shares of Sobha have surged 11% to Rs 564 per share on the BSE in early morning trade after the real estate developer said it has reported strong 40% year on year growth in sales volume for the quarter ended March 2018 (Q4FY18).
Amtek lenders panel approves resolution plan by Liberty House
InterGlobe Aviation to not bid for Air India under current divestment plan
Sagar Cements acquired two mini hydel power plants in Andhra Pradesh
HCL Tech acquired life sciences and consumer services provider C3i solutions
Here are some picks from the week gone by.