Sensex down 87 points, Nifty holds 11,550; banks dip, metals gain
Domestic indices ended Friday’s choppy session in the negative territory. The markets remained range-bound, in the positive territory, for most part of the day but were dragged lower by index heavyweights like HDFC Bank, Axis Bank, Larsen & Toubro, and Bajaj Finance.
The benchmark S&P BSE Sensex closed at 38,736 levels, down 87 points or 0.22 per cent. Among the gainers, YES Bank, Tata Steel, Sun Pharma and Vedanta topped the charts while ONGC, Bajaj Finance, ONGC and L&T were at the lower end of the spectrum.
The broader Nifty50 too settled with cuts. The 50-share index settled at 11,552 levels, down 30 points, or 0.26 per cent.
In the broader market, the BSE MidCap index ended 59 points, or 0.41 per cent, higher at 14,554 levels while the BSE SmallCap index closed 22 points, or 0.16 per cent, higher at 13,776 levels.
Sectorally, banking, financial services and FMCG counters were under pressure. The Nifty Bank index closed 0.37 per cent lower followed by Nifty Financial Services index, down 0.29 per cent. Among gainers, Nifty metals, pharma and realty counters were up between 0.4-0.7 per cent.
Shares of KPR Mill dipped up to 6 per cent to Rs 570 in early morning deals on the BSE on Friday after the textile company withdrew buyback proposal due to the tax proposed on buyback obligations in the Finance Bill 2019.
Shares of Eris Lifesciences hit a lifetime low of Rs 450, down 8 per cent in early morning trade, on the BSE on Friday as the pharmaceutical company’s stock turned ex-date for buyback today. The company has fixed Monday, July 15, 2019 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the bbuyback on a proportionate basis through “Tender Offer” route.
Shares of Quess Corp zoomed by 18 per cent to Rs 521 in intra-day trade on the BSE on Friday in noon deal after the company announced its board approved preferential issue of equity shares to Amazon. “The board has approved issue of 754,437 equity shares of the Company to Amazon.com NV Investment Holdings LLC, a category Ill Foreign Portfolio Investor, for an aggregate amount of Rs 51 crore at an issue price of Rs 676 by way of a preferential allotment,” Quess Corp said in a regulatory filing.
Shares of Den Networks rallied 11% as the company swung to profit in June quarter. It declared a net profit of Rs 11.23 crore for the recently concluded quarter against a loss of Rs 30.72 crore in the year-ago period. The company had reported a net loss of Rs 1,86.38 crore in the quarter ended March, 2019.
Here are some picks from the week gone by.
