Weak Friday for Markets, Nifty settles below 9600
The Friday’s trading session witnessed a selloff in banking and auto stocks due to which the markets remained in the red territory.
Nifty closed at 9,574 down by 55 points, whereas BSE Sensex closed lower by 152 points at 31,138.
HDFC Bank & SBI were contributing nearly 60% to the Bank Nifty downfall. The market breadth was deeply in favour of declines with advance-decline ratio 1:4.
BSE Mid-cap index closed lower by 1.21% at 14,583. BSE Small-cap index closed lower by 1.46% at 15,381. India VIX closed higher by 3.5% at 11.6 level.
There were 264 advances, 1242 declines and 46 unchanged stocks on NSE reflecting negative undertone floating in the market.
Power Grid, Vedanta, Sun Pharma, Aurobindo Pharma and Wipro are the top Nifty gainers, whereas Bank of Baroda, IOC, Eicher Motors, Hero Motocorp and Bosch are the top Nifty losers.
Housing finance companies were in focus on Friday’s trading session. Stocks such as India Home Loan, Indiabulls Housing Finance, DHFL, PNB Housing Finance, LIC Housing Finance and GIC Housing Finance took a beating and traded in red territory throughout the day.
Wockhardt Ltd and its UK subsidiaries, Wockhardt UK Holdings Ltd and CP Pharmaceuticals Ltd (CP) settled an ongoing litigation relating to supply contract for cancer drug Trisenox with Teva Pharmaceuticals USA Inc.’s affiliate company Cephalon Inc. The stock was in focus on Friday due to the mentioned reason. It closed at Rs 568 per share, up by 1.5%.
Indiabulls Real Estate gained nearly 4% as the company said that it is going to raise Rs 500 crore through issue of debentures. The stock closed at Rs 204.45 per share higher by 6.6%.
Reliance Industries, an Indian conglomerate, has put up its best performance in seven years during Friday’s trading session. The stock was trading in the green zone for the eighth consecutive session, giving a blockbuster show since March 19, 2010. The stock closed at Rs 1435 per share, up by 0.13%.
Mindtree was trading higher by 2% as it informed the bourses on that a meeting of the board of directors is scheduled to take place on June 28, 2017, to consider a proposal to buy the company’s fully paid-up equity shares. The stock closed at Rs 531.85 per share, higher by 2.1%.
Fortis Healthcare plummeted 10% on BSE at Rs 177.95 per share during the early hours of trade as it was reported by a leading business daily that IHH Healthcare BHD will be buying a controlling stake in Fortis Healthcare and SRL Diagnostics from Malvinder and Shivinder Mohan Singh. The stock closed lower by 12.9% at Rs 172.30 per share.