Benchmark indices ended higher, amid choppy trades, after weak US data dimmed prospects of an interest rate increase by the Federal Reserve next week.
Besides, India’s trade deficit declined sharply to 38.1% to $7.67 billion in August 2016 from $12.39 billion in August 2015. Exports fell 0.3% to $21.52 billion in August 2016 over August 2015. Imports fell 14.09% to $29.19 billion in August 2016 over August 2015.
The S&P BSE Sensex rose 186 points to end at 28,599 and the Nifty50 gained 37 points at 8,780. In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%.
Among key stocks, Power Grid, ITC, Maruti Suzuki, Reliance Industries and Adani Ports surged between 1.5%-2.5%.
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The flower of optimism wilted on Dalal Street on Friday as Wipro hit its lowest level in more than two years.
The benchmark S&P BSE Sensex shed 54 points to end the day at 27,782. The 50-share gauge Nifty50 closed at 8,572, lower by 19 points.
Shares of Wipro tumbled to their two-year low during the session. The stock plunged another 3 percent after a 3 percent decline seen on Thursday. The company had posted weaker-than-expected numbers for June quarter and investors see it wilting under the pressure that the IT giants are facing this year.
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The market hit fresh 7-month high intraday Friday with the Sensex reclaiming 27000 and Nifty 8250 levels. However, profit booking in the last couple of hours of trade dragged the benchmarks as well as broader markets to end flat despite positive global cues.
The 30-share BSE Sensex declined 0.11 points to 26843.03 while the 50-share NSE Nifty rose 1.85 points to 8220.80. The market breadth was also weak as about 1521 shares declined against 1092 advancing shares on Bombay Stock Exchange. The market volatility may continue for some more time after hitting multi-month highs, as investors are eagerly waiting for key events – RBI policy meeting on June 7, Fed meeting on June 14-15 and the referendum in Britain.
Here are some picks from the week gone by.
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The market ended with heavy losses. The Nifty ended below 7850, down 33.70 points or 0.4 percent. The Sensex is down 97.82 points or 0.4 percent at 25301.90. About 871 shares advanced, 1679 shares declined, and 197 shares are unchanged.
ITC gained 1 percent after posting better-than-expected Q4 results. Adani Ports, ONGC, NTPC and Bajaj Autowere top gainers in the Sensex. Losers were Lupin (down 9 percent), ICICI Bank, Reliance, M&M and Tata Motors.
After the political results of 5 states yesterday, there was a glimmer of hope of seeing the GST bill through but we can only hope things fall in place soon.
Here are some picks from the week gone by:
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