Indices decline for 4th session on Friday, Sensex down 301 points


Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices.

In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state’s new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm.

The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points

Among sectoral indices, the Nifty Bank index fell as much as 0.6%, extending its drop into a third session. ICICI Bank declined 2.9%, while HDFC Bank slipped 0.8%.

The Nifty PSU Bank Index also shed 1.6%, in what could be its fourth consecutive session of fall, on continued concerns about disappointing quarterly results due to a jump in bad-loan provisions.
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Markets rebound to end marginally higher on Friday, the eve of GST


Benchmark indices rebounded to ended marginally higher after a day of subdued trading as caution ahead of the launch of a goods and services tax (GST) kept investors on edge. The indices ended the month of June in negative, first monthly loss this year, even after they rose a bit in the late afternoon deals.

The revised tax structure will kick in from midnight, marking India’s biggest tax reform since independence, unifying its $2 trillion economy and 1.3 billion people into a common market.

The S&P BSE Sensex settled the day at 30,921, up 64 points, while the broader Nifty50 was ruling at 9,521, up 17 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap bucked the trend to gain 0.6% each.

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