BSE Sensex closed flat on Friday as investors booked profits in recent outperformers, but were poised for a third straight gain on month fuelled by a crucial victory for India’s ruling party in a key state election and big foreign inflows into markets. The Nifty has however advanced 3.1% this month after hitting a record high of 9,218.40 on 17 March, spurred by Prime Minister Narendra Modi’s win in the key state of Uttar Pradesh and net foreign inflows of $4.67 billion into equity markets as of 30 March.
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For the quarter, the Nifty rose 11.9%, its best performance since the April-June quarter of 2014 when Modi was elected to power. In the 2016/17 fiscal year so far, the NSE has surged 18.5%, rebounding from an 8.9% fall in the previous financial year. Analysts say they expect markets to take a breather in the short-term as investors brace for corporate results starting mid-April.
“There could be some more profit-booking happening in the market. Next week could see some breather in terms of FII (foreign institutional investor) inflows as well as caution ahead of earnings season and monsoon data,” said Siddhartha Khemka, head of research at Centrum Wealth.
On Friday, private lender HDFC Bank was trading 1.7% lower, sliding for the first time in four sessions and the top percentage loser among financial stocks on the index. The Nifty Bank index, which ended Thursday at a record closing high, and the Nifty Finance index each fell as much as 0.7%. Bharti Infratel, which has gained 4.6% so far in the week after it sold about 22% stake, was down 3.5%, the top%age loser on the index. Education services provider CL Educate slumped on market debut, falling as much as 21% from its IPO price of Rs502.
Indian Oil Corp Ltd, which was included in the Nifty on Friday along with Indiabulls Housing Finance Ltd, was the top percentage gainer, rising as much as 3.70%.
3.30pm: BSE Sensex closed lower by 27 points, or 0.09%, to 29,621, while the Nifty 50 closed flat at 9,173.75.
2.52pm: BSE Sensex trades higher by 26 points, or 0.09%, to 29,673, while the Nifty 50 rises 11 points, or 0.12%, to 9,184.
1.45pm: BSE Sensex trades lower by 62 points, or 0.21%, to 29,585, while the Nifty 50 falls 10 points, or 0.10%, to 9,164.
1.05pm: BSE Sensex trades lower by 64 points, or 0.22%, to 29,583, while the Nifty 50 falls 11 points, or 0.12%, to 9,163. Indian Oil Ltd shares rise over 3.50% to trade at Rs387.
11.45am: BSE Sensex trades lower by 67 points, or 0.22%, to 29,581, while the Nifty 50 falls 12 points, or 0.13%, to 9,162. Jindal Steel and Power shares rise over 3.78% to trade at Rs123.40.
10.08am: BSE Sensex trades lower by 32 points, or 0.11%, to 29,615, while the Nifty 50 falls 10 points, or 0.11%, to 9,164.
10.05am: Jindal Steel & Power Ltd shares rise 3% to Rs 122.10 after the company said its board approved plans of raising funds via issuing equity and preference shares.
10.00am: Mukand Ltd shares rise 4.3% to Rs 85.65 after the company said it formed joint venture with Sumitomo for alloy steel products. The company will hold 51% stake in joint venture and rest will held by Sumitomo. The joint venture enterprise value will be at Rs 2820 crore.
9.45am: Arshiya Ltd shares rise 4.4% to Rs 66.05 after the company said it approved terms of restructuring of banks dues.
9.30am: BSE Sensex trades lower by 52 points, or 0.17%, to 29,596, while the Nifty 50 falls 14 points, or 0.15%, to 9,160.
9.27am: Deep Industries Ltd shares rise 2% to Rs 331 after huge block deal. Around 6.1 million shares of the company changed hands in two block deal, according to Bloomberg report. However, details of the buyers and sellers were not known.
9.25am: Hindustan Oil Exploration Co Ltd shares rise 2.4% to Rs 79.75 after the company said it completes 4 wells, pipeline and gas gathering station to start output from Dirok gas field in northeastern Indian state of Assam, according to a statement on exchanges.
9.20am: The 10-year bond yield was trading at 6.678%, compared to its previous close of 6.698%. Bond yields and prices move in opposite directions.
9.15am: The rupee opened at 64.92 a dollar and touched a high of 64.83. At 9.15am, the home currency was trading at 64.84—up 0.10% from its Thursday’s close of 64.92.
9.10am: Reliance Industries Ltd shares rise 1.2% to Rs1,283.90 as its free jio offer will end on Friday. According to PTI report, Reliance Jio is closing in on 50 million paid users, days before its free voice, free-data offer ends. Out of 100 million-plus free subscribers, nearly 50 million have signed up for its ‘Prime’ membership by paying a one-time charge of Rs 99 and buying data packs.
9.00am: Asian currencies were trading lower. South Korean won was down 0.23%, Taiwan dollar 0.2%, Philippines peso 0.16%, Japanese yen 0.15%, Malaysian ringgit 0.14%, China renminbi 0.13%, Indonesian rupiah 0.05%.
With inputs from Reuters
