Moneycontrol
Last Updated : Aug 24, 2018 05:37 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Nifty gives up 11,600, but indices end week with positive gains

Friday’s weak move was led by selloff in banks, IT and auto names, while metals looked to offer some support.

Moneycontrol News @moneycontrolcom

Amid sombre global cues along with a weaker rupee back home, equity benchmarks managed to end the week on a negative note. The Nifty closed around 11,550-mark, while the Sensex saw cuts of almost quarter of a percent.

Investors were eyeing outcome of a key meeting between US and Chinese counterparts to address trade tension issues, but there was no significant breakthrough seen yet, reports said. Along with it, the Indian currency managed to hover below 70 per dollar mark for the second consecutive day. Lack of strong domestic cues also weighed on the indices.

Friday’s weak move was led by selloff in banks, IT and auto names, while metals looked to offer some support. The Nifty Metal index was up almost 2 percent. In the broader markets too, midcaps ended with cuts of one-third of a percent.

The day began on a flat note, with the Nifty hovering close to 11,600, but the Street never really picked up pace through the day. A fall in financials from the word go was responsible for the indices to underperform today. Broader markets were in line with benchmarks as well.

For the week, both Sensex and Nifty have gained around a percent, while the Nifty Midcap index ended with gains of a percent.

At the close of market hours, the Sensex ended lower by 84.96 points or 0.22% at 38251.80, while the Nifty was down 25.70 points or 0.22% at 11557.10. The market breadth was negative as 1,166 shares advanced, against a decline of 1,496 shares, while 197 shares were unchanged.

Among stocks, Vedanta and ONGC were the top gainers, while Yes Bank, Adani Ports, and Titan emerged as the biggest laggards on both indices.

Stocks in news:

Shares of Reliance Communications added 1.2 percent after company's bond holders approved the exchanged offer of bonds worth USD 300 million. The bond holders will receive monetization proceeds upto USD 118 mn.

Hexaware Technologies share price dropped 13.3 percent following likely dilution of stake by the promoter. About 2.8 crore equity shares exchanged hands through multiple block deals at an average price of Rs 440 per share, reports CNBC-TV18.

Shares of Axis Bank rose 1.2 percent on buzz of a management change at the bank. According to a report in The Economic Times, Amitabh Chaudhry of HDFC Life is likely to be the successor to Shikha Sharma, Axis’s current CEO and MD.

Shares of Eris Lifesciences rose 3.2 percent as research house Citi maintained buy on the stock with a target of Rs 850 per share. According to Citi, company believes that the Indian market has a long growth runway, while it intends to keep its focus on specialty segments.

Share price of Oil and Natural Gas Corporation (ONGC) added 3.2 percent as research house UBS maintained buy rating with a target of Rs 245 per share.

Global Update

Markets in Europe were higher amid awaited cues from US-China trade talks. They also eyed a key speech by Jerome Powell, US central bank chief. Stoxx 600 index was up 0.25 percent.

Meanwhile, markets in Asia closed mixed as investors were nervous of US-China reacted to US and China’s talks on trade as well as change in leadership in Australia as well. Australia's ASX 200 gave up gains of more than 0.3 percent to close near flat at 6,247.3.
First Published on Aug 24, 2018 04:23 pm
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