An evening walk down Dalal Street | Indices end marginally higher as investors await Q2 GDP, G20 outcome
It was a subdued start to the December series for the Nifty, as it failed to hold on to 10,900-mark, while the Sensex managed to have a flat close.
Global investors awaited cues from G20 summit, while, back home, gross domestic product (GDP) data for Q2 was being watched out for. Oil prices traded steady as well, while the rupee hovered just above the low points of the day.
Among sectors, strength was visible among automobiles, IT, and pharmaceuticals, while banks and metals took a hit. In the broader markets, the Nifty Midcap index closed with gains of around a percent.
At the close of market hours, the Sensex was up 23.89 points or 0.07% at 36194.30, while the Nifty was higher by 18.10 points or 0.17% at 10876.80. The market breadth was negative as 1,285 shares advanced, against a decline of 1,300 shares, while 149 shares were unchanged.
Yes Bank and Wipro were the top gainers, while Tata Motors, ICICI Bank, HPCL and Bharti Infratel lost the most.
Stocks in the News
Share price of Tata Motors declined 3 percent after UBS cut target to Rs 200 from Rs 280 per share.
Asian Oilfield Services locked at 5 percent upper circuit in the early trade on Friday after company won an award of contract from ONGC.
Shares of Maruti Suzuki India rose 1.5 percent after CLSA retained buy call on the stock with a target of Rs 9,200 per share.
Yes Bank shares rebounded on Friday for the first time in last six consecutive sessions, rising nearly 6 percent after the management clarified its stance on ownership in Morgan Credits, exposure to developers and current financial situation of the lender.
Torrent Pharmaceuticals shares gained 3.5 percent after the company redeemed non-convertible debentures on Thursday.
Kesoram Industries shares climbed 6 percent after a media report indicated there could be demerger of company’s tyre business.
Sun TV Network shares dropped 4 percent after global brokerage firm HSBC slashed target price by 17.8 percent.
Lupin shares gained over 2 percent after the launch of skin infection treatment cream in the United States.
Inox Leisure rallied more than 2 percent after the promoter increased its shareholding beyond 50 percent.
Chambal Fertilisers and Chemicals shares climbed over 3 percent after the commencement of production at company’s Rajasthan plant.
Oriental Hotels shares rallied 2 percent after the hotel operating agreement terminated between the company and Dodla International.
Zuari Agro Chemicals shares gained a percent after the operations resumed at ammonia plant.
European stocks were flat investors waited for cues from G20 summit in Argentina.
Asian markets ended mixed as traders, here, too, waited for cues from G20 summit. Nikkei 225 rose 88.46 points, or 0.4 percent, to 22,351.06, while the Topix index added 0.48 percent to 1,667.45.
Experts recommend having a positive stance, but with a rider.
“The recent rebound is reflection of improvement in macro environment and supportive global markets. However, we’ve list of important events, both on domestic and global front, which may derail the momentum. Also, participation is largely restricted to index majors while broader markets indices are still reeling under pressure, shows indecision. We suggest maintaining positive yet cautious approach and preferring hedged trades,” Jayant Manglik, President, Religare Broking said in a statement.