Sensex snaps 8-day rally, falls 222 pts, Nifty ends at 11,457
The S&P BSE Sensex ended 222 points or 0.58 per cent lower at 38,165 while NSE’s Nifty50 index dropped 64 points or 0.56 per cent to settle at 11,457.
At 2:30 PM, the S&P BSE Sensex 236 points lower around 38,150 levels, weighed by losses in Reliance, HDFC Bank, TCS, Kotak Bank and Maruti while slipped 70 points, or 0.61 per cent, to 11,450 levels.
In the broader market, the S&P BSE Midcap index was trading 73 points lower at 15,093, while the S&P BSE SmallCap index was ruling at 14,767, down 57 points or 0.39 per cent.
Among sectoral indices, every Nifty index except Nifty Realty were trading in the red with losses ranging from 0.21 per cent to 1.28%.
Meanwhile, Fitch Ratings on Friday cut India’s economic growth forecast for the next financial year starting April 1, to 6.8 per cent from its previous estimate of 7 per cent, on weaker than expected momentum in the economy.
Shares of InterGlobe Aviation, parent of IndiGo, and SpiceJet rallied up to 14 per cent in early morning trade on Friday, surging up to 33 per cent in past two days on market share gain in the month of February.
Larsen & Toubro (L&T) rose 3 per cent to Rs 1,415 in intra-day trade on Friday, extending their Wednesday gain on the BSE, even as brokerages firm maintain ‘buy’ rating on the stock after the company proposed to acquire IT firm Mindtree.
Shares of Kansai Nerolac Paints slipped as much as 4.67 per cent to Rs 438.95 apiece on BSE in the early trade on Friday after news reports said global brokerage firm CLSA has downgraded the stock to sell from underperform.
State-owned Power Finance Corporation Limited (PFC) has acquired the Centre’s 52.63% paid-up share capital in Rural Electrification Corporation (REC) Limited for Rs 14,500 crore.
ITC reclaimed the top stop in the list of India’s most-valued fast moving consumer goods (FMCG) company in terms of market capitalistaion (market-cap) after a gap of five months by surpassing Hindustan Unilever (HUL). At 12:48 pm, ITC stood fourth with the market-cap of Rs 364,921 crore, while HUL took the fifth spot in the overall ranking with market-cap of Rs 364,466 crore, BSE data shows.
Prestige Estates and Phoenix Mills were among the key gainers in the realty pack over the last ten days appreciating in the range of 10-23 per cent. In addition to brokerage upgrades, recent steps taken by the Goods and Services Tax council, steady commercial real estate market and good response to the maiden real estate investment trust (REIT) public offering have helped players in the commercial segment.
Shares of Maruti Suzuki (India) were trading lower for the fourth straight day, down 2 per cent at Rs 6,567 in intra-day trade on the National Stock Exchange (NSE). It was 4 per cent away from its 52-week low price of Rs 6,317, touched in January 28, 2019.
Here are some picks from the week gone by.
