Analysts awaited key macroeconomic data due later in the day
Domestic stock markets started Friday's session on a lower note receding from four-month peaks registered the previous day, after Tata Consultancy Services kicked off the corporate earnings season by reporting a profit that fell short of Street estimates. The S&P BSE Sensex index fell as much as 0.58 per cent - or 211.47 points - to 36,526.22 in the first few minutes of trade, after opening down 182.56 points at 36,555.13. The broader NSE Nifty 50 benchmark declined to as low as 10,757.80, having started the session weaker at 10,764.10 compared to its previous close of 10,813.45.
Losses in financial and metal stocks pulled the markets lower, however gains in pharmaceutical shares limited the fall.
At 9:26 am, the Sensex traded 86.26 points - or 0.23 per cent - lower at 36,651.43, while the Nifty was down 33.55 points - or 0.31 per cent - at 10,779.90.
IndusInd Bank, Adani Ports, JSW Steel, Tech Mahindra and Bharti Infratel, trading between 1.65 per cent and 2.43 per cent lower, were the top percentage laggards in the Nifty. On the other hand, UPL, Sun Pharma, SBI, Reliance Industries and Bharti Airtel, up between 1.08 per cent and 1.58 per cent, were the top Nifty gainers.
Tata Consultancy Services (TCS) shares fluctuated between gains and losses, a day after the country's largest IT company reported a net profit of Rs 7,008 crore in the June quarter, missing analysts' estimates. TCS shares were stuck in a range of Rs 2,222-2,178.20 apiece on the BSE as against their previous close of 2,204.35.
Shares in Punjab National Bank (PNB) dropped as much as 6.74 per cent to Rs 34.60 apiece on the bourse, from their previous close of Rs 37.10, a day after the state-run lender reported loans made to Dewan Housing Finance Corporation worth Rs 3689 crore as fraud.
Equities in other Asian markets fell on Friday as record-breaking new COVID-19 cases in several US states dashed hopes of a revival of global economy from the damage caused due to the coronavirus pandemic.
MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.72 per cent lower, while Japan's Nikkei 225 benchmark was down 0.23 per cent.
