Equity markets remained listless on Friday, swinging occasionally between gains and losses, as lack of domestic and global cues kept investors on the sideline. The S&P BSE Sensex settled today’s session 37 points, or 0.06 per cent, higher at 58,803. The NSE Nifty50, meanwhile, shut shop at 17,539, down 3 points or 0.02 per cent.
The broader markets, however, exhibited a strong show during the end but ended mixed. The BSE MidCap index dipped 0.35 per cent while the BSE SmallCap index eked out gains of 0.04 per cent.
Among sectors, the Nifty Financial Services and FMCG indices added 0.5 per cent and 0.4 per cent, respectively, while the Nifty PSU Bank index fell 0.77 per cent.
Shares of Adani Enterprises hit a record high of Rs 3,369 after they gained 4 per cent on the National Stock Exchange (NSE) in Friday’s intra-day trade. The spurt comes after the NSE announced the company’s inclusion in the benchmark Nifty 50 index.
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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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Benchmark indices ended sharply up on Friday, triggered by corporate earnings and taking cues from global peers.
The S&P BSE Sensex hit an intra-day high of 35,065, but pared gains to end at 34,970 levels, up 256 points. The broader Nifty50 index settled at 10,692, up 75 points.
Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the BSE in intraday trade on the BSE, ahead of its Q4FY18 results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal. The textiles-to-telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100-billion mark.
Country’s largest car maker, Maruti Suzuki, reported a record annual profit of Rs 77.21 billion for the year ended March 31, 2018, helped by a double-digit growth in volumes of cars sold. The Suzuki-promoted firm clocked a near 17 percent jump in sales revenue for the year to Rs 781 billion. Profit, however, grew by just five percent. An increase in effective tax rates and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year impacted net profit, the company said.
Shares of public sector undertaking (PSU) banks were in focus with Nifty PSU Bank index gaining 5%, its sharpest intra-day gain during past one month on the National Stock Exchange (NSE).
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Equity benchmarks ended the last day of the year on a strong note as the Sensex was up 208.80 points at 34,056.83 and the Nifty rallied 52.80 points to 10,530.70. For the year, both the indices added nearly 28%.
About 1,566 shares advanced against 1,204 declining shares on the BSE.
Shares of Infibeam Incorporation turned volatile trading 12% lower at Rs 144.80 on Friday at 02:12 PM; on back of heavy volumes. The stock of internet software & services recovered 47% from its early morning low of Rs 98.80 on the BSE. It was closed at Rs 165 on Thursday.
Shares of Jaiprakash Associates (JP) Group stocks Jaiprakash Associates, Jaiprakash Power Ventures and Jaypee Infratech rallied by upto 20% in intra-day trade on the BSE, extending their gains for the past three days on back of positive media reports.
Jaiprakash Power Ventures has surged 20% to Rs 9.52, also its 52-week high on the BSE in intra-day trade today on back of heavy volumes. The stock rallied 37% in past four trading sessions after the media report suggested that lenders scout for new owner for JP Group arm Prayagraj Power.
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The benchmark indices on Friday extended losses to end lower as global markets dipped after the United States launched cruise missiles against an airbase in Syria, while back home expectations of no further rate cuts this year by Reserve Bank of India (RBI) also impacted the sentiment.
The S&P BSE Sensex ended at 29,706, down 221 points, while the broader Nifty50 settled at 9,198, down 64 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,620 shares declined and 1,293 shares rose. A total of 129 shares were unchanged.
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