Sensex drops 690 points on Friday, Nifty ends below 10,800; RIL falls 3%
After opening marginally lower, the domestic equity market saw a sharp decline in the trade on Friday as investors booked profit across-the-board. The S&P BSE Sensex was trading nearly 600 points lower, slipping below the 36,000 mark in late noon deals, while NSE’s Nifty50 slipped below the crucial 10,800 level, down over 150 points.
IOC, UPL, Adani Ports, Maruti Suzuki and Indiabulls Housing were top losers among Nifty50 stocks, which fell 3.5-4.5 percent.
HPCL, BPCL, Coal India and NTPC were only gainers, up 1-2 percent.
About two shares declined for every share rising on the BSE.
Shriram Transport, Cummins, NBCC, Ramco Cements, CES, L&T Finance Holdings, Manappuram Finance, Bharat Forge, MRPL, Karnataka Bank, Federal Bank, IndusInd Bank, Axis Bank and Yes Bank were down 1-5 percent.
Bandhan Bank in talks with Gruh Fin to merge with itself, reported CNBC TV18
Shares of information technology (IT) companies were under pressure with Nifty IT index falling fourth straight day, down 1% after the US indices extended falls as sentiment remained fragile. Tata Consultancy Services (TCS), Infosys, Wipro, NIIT Technologies, Larsen & Toubro Infotech, KPIT Technologies, Tata Elxsi and Sonata Software were down 1% to 2% on the National Stock Exchange (NSE).
Shares of Indiabulls Real Estate rose nearly 4 percent in early trade after selling its 50 percent stake in two office spaces in Gurugram to the US-based Blackstone Group for Rs 464 crore. The company had said in November that it has signed a non-binding agreement to divest its 50 percent stake in two office assets in Udyog Vihar, Gurugram, but had not named the buyer.
Shares of NDTV was locked in the upper circuit of 10% at Rs 39.25 on the BSE, with only buyers being seen on the counter, after the company and Taboola, the world’s largest content discovery/ platform, signed a five-year exclusive deal worth more than Rs 3 billion. “The five-year deal ties NDTV Convergence exclusively to Taboola and involves a minimum guarantee of more than Rs 3 billion for NDTV Convergence, making it one of the largest deals not just for digital content but for the media space in its entirely,” NDTV said in a press release.
Here are some picks from the week gone by.