Benchmark indices swung between gains and losses on Friday to end the day flat amid lack of global as well as domestic cues. Nifty50 settled the week 0.8% lower, its first weekly loss in six weeks, breaking its longest gaining streak since late 2014 while Sensex ended the week 0.6% lower.
Gains were capped by a sharp correction in pharma and IT stocks on worries over their earnings outlook while ITC, Tata Motors continued to support the market.
The S&P BSE Sensex settled at 31,056, down 19 points, while the broader Nifty50 ended at 9,588, up 10 points.
In the broader market, the S&P BSE Smallcap pared gains to finish 0.1% higher after rising 0.5% to hit its record high, while the S&P BSE Midcap index was up 0.2%.
Pharma was the top losing index amid worries about their earnings outlook because of pricing pressures in the United States, down 1.8%. Lupin was the biggest laggard on the index, down over 4% followed by 4% Divi’s Lab, Cadila Healthcare, Sun Pharma and Cipla.
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The benchmark indices settled lower on Friday as banking stocks dipped after the government notified the Banking Regulation (Amendment) Ordinance, 2017, while a drop in crude prices dragged down oil explorers such as ONGC and Oil India.
The S&P BSE Sensex ended at 29,858, down 267 points, while the broader Nifty50 closed at 9,285, down 75 points. The Nifty50 index reversed course seconds after hitting its fresh all-time high of 9,367 in early trade.
India VIX, essentially a fear gauge, closed the day at 11.98, rising over 5% from the previous close.
In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices settled 1% and 0.8% lower, respectively.
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Benchmark indices settled the day flat and posted small weekly gains as investors stayed cautious ahead of assembly election results. Exit polls declared yesterday showed BJP ahead of other rival parties in all the five states.
Victory for BJP in Uttar Pradesh will boost PM Narendra Modi’s chances of winning the 2019 general election. It would also give the party more number of legislators in the Rajya Sabha where it doesn’t have a majority, improving the government’s chances of passing key reform bills.
The 30-share Sensex ended 17 points higher at 28,946, while the 50-share Nifty settled the day at 8,934, up 7 points.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.