INDIAN EQUITY MARKET CLOSED WITH LOWER NOTE DRAGGED BY FINANCIAL STOCKS
Domestic Equity Market ended lower on Friday due to selling in the financial counters. However, gains in pharma and auto stocks capped the losses.
The BSE Sensex ended 134.03 points, or 0.34 per cent lower at 38,845.82 levels.16 out of 30 stocks were in advance while 14 stocks were in decline.It touched intraday high of 39,200.42 and low of 38,635.73.
On Sectoral Front, Pharma,Realty,Energy,Auto,Media,IT Indexes were the gainers with a gain of 4.98%, 1.91%, 0.57%, 0.41%, 0.12%, 0.05% respectively while Bank,FMCG,Metal Indexes were the losers with a loss of 1.30%, 0.62%, 0.05% respectively.
The NSE's Nifty settled at 11,504.95, up 11.15 points, or 0.10 per cent.28 out of 50 stocks were in advance while 22 stocks were in decline.It touched intraday high of 11,584.10 and low of 11,446.10.
On BSE, Shares of Bharti Airtel,Mahindra & Mahindra,Tech Mahindra,Sun Pharma,NTPC,Powergrid,ONGC,Asian Paints were the gainers with a gain of 3.73%, 2.72%, 2.29%, 2.29%, 2.23%, 2.14%, 2.05%, 1.57%, 1.02% respectively while shares of HDFC Bank,Kotak bank,Bajaj Finance,Maruti, Titan,SBI,HUL were the losers with a loss of 2.39%, 2.07%, 1.73%, 1.67%, 1.48%, 1.39% respectively.
On NSE, Shares of Dr. Reddy, Cipla, Adani Ports,Bharti Airtel, Mahindra & Mahindra,Grasim,Tech Mahindra,NTPC,Sun Pharma were the gainers with a gain of 9.92%,7.11%,3.76%,3.73%, 2.85%,2.73%, 2.66%,2.54%,2.31% respectively while shares of HDFC Bank,Shree Cement,Bajaj Finserv,Kotak bank,MAruti, Titan,HUL,SBI,IOC were the losers with a loss of 2.28%,2.00%, 1.85%, 1.85%, 1.82%, 1.69%, 1.37%, 1.28%, 1.22% respectively.
Asian shares were slightly higher on Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic, as reflected in the overnight fall on Wall Street.
European stocks were mixed on Friday as investors monitored a rise in coronavirus cases across the continent and the prospects of economic recovery.
U.S. equity futures were mixed as investors searched for new catalysts to give direction to global markets.
TOP STOCKS IN NEWS:
Dr. Reddy gained over 9% after the drugmaker settled a patent litigation with Celgene, a unit of U.S.-based Bristol-Myers Squibb Co. Analysts at BofA Securities upgraded Dr Reddy's Laboratories to "buy" from "neutral" after the news, saying the "unexpected" settlement is "not entirely clear but definitely valuable".
Bharti Airtel gained over 3% as the company is making investments in the cybersecurity domain to better serve its enterprise customers at a time when cyberattacks including phishing and DDoS attacks have gone up more than 500-600%.
HDFC Bank lose over 2% . After Rosen and Schall, a third US-based law firm, Pomerantz LLP, has announced a class action lawsuit against HDFC Bank against alleged "materially false and misleading" statements regarding the Bank's business, operational and compliance policies.