The benchmark indices pared their day’s gains to end flat on Friday.
The S&P BSE Sensex ended at 36,542, down 7 points. The index had hit a fresh all-time high of 36,740.07 in intra-day deals earlier today tracking global markets ahead of information technology (IT) heavyweight Infosys June quarter earnings later in the day. The broader Nifty50 index settled at 11,019, down 4 points.
Among sectoral indices, the Nifty PSU Bank index fell over 2% weighed by a decline in Canara Bank and Indian Bank.
Shares of smallcap companies were under pressure with the S&P BSE Smallcap index falling more than 1% after a sharp decline in stock prices of PVR, KNR Constructions, Inox Leisure and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).
Idea Cellular share price fell 2.7 per cent intraday on Friday after global research firm Credit Suisse maintained its Underperform rating on the stock with a target price at Rs 45, implying a 17 per cent downside. After the merger between the company and Vodafone, the new entity may prioritise cost savings over market share retention and the cost base should be close to current Bharti mobile cost base, the research house said.
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The benchmark indices pared most of their day’s gains to end marginally higher on Friday tracking recovery in the global markets.
The S&P BSE Sensex ended at 35,658, up 83 points while the broader Nifty50 index settled at 10,773, up 23 points.
Among sectoral indices, the Nifty Auto index settled over 1% led by rise in the stocks of Ashok Leyland, Hero MotoCorp and Tata Motors.
The rupee recovered 21 paise from intra-day low of 69.03 to trade at 68.82 against the US dollar in late morning deals. As the US is set to impose tariffs on Chinese goods today and sustained foreign capital outflows pressured the sentiment, the rupee fell sharply to 69.03 a dollar before quoting 68.82. The rupee moved in range between 68.82 and 69.03.
Shares of paint company Asian Paints, fast moving consumer goods (FMCG) firm Hindustan Unilever (HUL) and information technology giant Tata Consultancy Services (TCS) from the Sensex have hit their respective new highs on the BSE on Friday. Thus far in the current calendar year 2018, these three stocks have outperformed the market by gaining in the range of 15% to 39%, as compared to 4.5% rise in the S&P BSE Sensex.
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