Indices end lower on Friday, Nifty fails to hold 10700; bank stocks fall
Benchmark indices edged lower on Friday as losses in financials offset gains in auto stocks, with investor focus shifting to the monsoons.
The S&P BSE Sensex ended at 35,227, down 95 points while the broader Nifty50 index settled at 10,696, down 40 points.
Among sectoral indices, the Nifty Bank index ended over 1% lower led by a fall in the shares of IndusInd Bank and Federal Bank.
Meanwhile, government data showed on Thursday that Indian economy grew 7.7% year-on-year in January-March, its quickest pace in nearly two years driven by higher growth in manufacturing, the farm sector and construction.
Adani Power Mundra, a subsidiary of Adani Power, is likely to approach the National Company Law Tribunal (NCLT) for bankruptcy protection. This comes after its lenders stepped back from stake-sale negotiations with Gujarat Urja Vikas Nigam (GUVNL), the state power distribution company.
Sun TV Network fell for fifth straight session, down 3.9% at Rs 881.85, on the NSE. Sun TV Network jumped 5.69% in last one year as compared to a 10.94% rally in Nifty and a 1.48% spurt in the Nifty Media index.
Bajaj Auto rose 4.84% to Rs 2,885.40 at 11:55 IST on BSE after the company reported a 30% growth in its total vehicles sales at 4.07 lakh units in May 2018 over May 2017.
Idea Cellular rose 1.22% to Rs 62.40 on BSE after the company announced completion of sale of standalone tower business to ATC Telecom Infrastructure. The announcement was made after market hours yesterday, 31 May 2018.
ICICI Bank gained 4 per cent to Rs 297 levels on the NSE on Friday, a day after the bank decided to conduct an independent enquiry into allegations of breach of code of conduct and conflict of interest against its managing director, Chanda Kochhar.
Maruti Suzuki India rose 1.32% to Rs 8647.50 on BSE after the company said it crossed the mark of 3-lakh cumulative sale of cars with the acclaimed auto gear shift technology.
The Ajanta Pharma stock has shed over 28 per cent in May on the back of brokerage downgrades triggered by a muted 2018-19 outlook, especially in the African tender (malaria) business, and higher costs. In 2017-18, the Africa institutional anti-malaria business accounted for 20 per cent of Ajanta Pharma’s sales and recorded a decline of 13 per cent year-on-year (y-o-y).
Mahindra signs MOUs with Government of Maharashtra for electric vehicle manufacture and deployment
Infosys extends alliance with Microsoft for cloud-based digital transformation solutions.
TCS recognized as a leader in manufacturing supply chain execution by two IDC MarketScapes
Sudarshan Chemical Industries board meeting on June 1 to consider and approve the sale of shareholding in Prescient Color
Mindtree makes strategic commitment to SAP Leonardo with new package of offerings designed to accelerate adoption
The assessing office at SEBI has passed an order against DLF by imposing a penalty of Rs. 10 lakhs under the SCRA act on the disclosure pertaining to utilization of IPO proceeds made by the Co in its quarterly filing for 30th September 2007. Source: BSE announcement.
Cochin Shipyard signs agreement with Government of Kerala for procurement of marine ambulance for fisheries department.
Fortis Healthcare says unit sold off 1.8 crore units of RHT Health Trust for 13.65 million Singapore dollars.
Cholamandalam Investment and Finance to invest Rs 50 crore in its subsidiary Cholamandalam Home Finance.
PNC Infratech declared L1 for Nagpur-Mumbai Expressway project worth Rs 2,100 crore.
Bodal Chemicals to acquire additional 17 percent stake in Trion chemicals for Rs 3 crore.
Life Care, backed by private equity firm KKR submitted an expression of interest (EoI) for Fortis Healthcare
Ashiana Housing has acquired 6.67 acres land in Rajasthan to develop a group housing project with 6.15 lakh square feet area.
Dilip Buildcon has been declared L-1 for new EPC project valued at Rs. 1750.05Cr by MSRDC. The Bid project cost declared by MSRDC is Rs. 1560Cr. The construction is to be completed within 30 months and 45.65 Km need to be constructed.
Here are some picks from the week gone by.