BSE Sensex: Yes Bank, ICICI Bank among top losers of the day
3:36 PM
Market at close
The S&P BSE Sensex ended at 38,252, down 85 points while the broader Nifty50 index settled at 11,557, down 26 points.
3:15 PM
Oil up as US sanctions on Iran cloud supply outlook
Oil prices rose on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.
Benchmark Brent crude oil was up 60 cents a barrel at $75.33. Brent was on track for gains of almost 5 per cent this week. US light crude was 50 cents higher $68.33, heading for a gain on 3.8 per cent this week. READ MORE
2:59 PM
NCLAT declines stay on Tata Sons' conversion to pvt co; relief for Mistry
While declining to pass any order on the conversion of Tata Sons into a private company from a public limited firm, NCLAT today asked Tata Sons not to force Cyrus Mistry to sell his shares in the company till his appeal is pending.
The National Company Law Appellate Tribunal (NCLAT) said that pending the litigation here, the Cyrus Mistry camp which was seeking a status quo over it cannot be "forced to sell shares". READ MORE
2:47 PM
Gold gains as dollar slips; markets await Fed chairman's speech
Gold rose on Friday after falling in the previous session, as the dollar eased and markets awaited a speech by the Federal Reserve chairman for fresh clues on the direction of US monetary policy.
Spot gold was up 0.3 per cent at $1,188.96 an ounce, after falling 0.9 per cent on Thursday. Prices have risen about 0.3 per cent so far this week. US gold futures were up 0.1 per cent at $1,195 an ounce. READ MORE
2:32 PM
Amrutanjan, Pfizer, Merck, Novartis hit new highs
Shares of selected pharmaceutical companies were in focus with Amrutanjan Health Care, Pfizer, Merck and Novartis India rallying up to 18% on the BSE in otherwise subdued market. All these stocks were trading at their respective all-time highs. READ MORE
2:15 PM
Analysts keep faith in Larsen & Toubro despite buyback proposal
Analysts remain bullish on Larsen & Toubro (L&T) and have maintained a ‘buy’ rating on the stock despite the company’s buyback proposal. The company, at its meeting on Thursday, approved a proposal to buy back up to 60 million equity shares at a maximum price of Rs 1,500 per equity share for an amount of Rs 90 billion. READ MORE
Britannia board to split stock in 1:2 ratio to make it more affordable
The board of confectionary major Britannia Industries on Thursday approved share split in 1:2 ratio to make the stock more affordable for the small retail investors and increase liquidity.
The Kolkata-based company will split the shares with a face value of Rs 2 into two equity shares of Re 1 each. READ MORE
1:28 PM
Bandhan Bank: Balance sheet must strengthen, without relying on MFI biz
Recently, Bandhan Bank made quite a splash for displacing YES Bank to become the seventh-most valued bank and for nearly doubling from its IPO price to Rs 700. It is also India’s most priced bank in terms of price-to-book value. READ MORE
1:15 PM
How Maharashtra APMC amendment could push traders away from markets
In a drastic move, the Maharashtra cabinet on Wednesday decided to amend the APMC Act making it illegal for any private trader to purchase any agriculture produce below the government-fixed MSP from the coming kharif harvest season. READ MORE
1:03 PM
Tim Cook, top CEOs warn Trump's immigration crackdown will harm US economy
Vague and unpredictable Trump administration immigration policies threaten the US economy amid a tightening labour market, CEOs from major American companies have warned. READ MORE
12:49 PM
MARKET COMMENT Chris Wood of CLSA
A systemic event in financial markets is more likely to be triggered by Italy and the Eurozone than other candidates currently discussed by pundits, be it a Donald Trump-triggered trade war, a much anticipated Chinese currency collapse or overvalued Wall Street FANG stocks. Still, they are all interconnected phenomena.
A renewed focus on the existential risks in the Eurozone is likely to put renewed downward pressure on the euro which will then lead to broader US dollar strength against all currencies. This will in turn make it more challenging for China to manage the capital outflow issue.
Rising concerns about trade wars are also likely to remain US dollar bullish. GREED & fear has an unhelpful (for investors) 50/50 view on whether Trump choses to escalate the trade issue or de-escalate it ahead of the November mid-term elections which is why GREED & fear would not advise investors to make a big bet either way on this point.
(Source: Wood's weekly newsletter, GREED & fear)
Christopher Wood, Managing Director & Equity Strategist, CLSA
The benchmark indices settled marginally lower on Friday, weighed by financials and consumer stocks amid caution in global markets.
The S&P BSE Sensex ended at 38,252, down 85 points while the broader Nifty50 index settled at 11,557, down 26 points.
Among key stocks, Yes Bank and ICICI Bank were among the top losers on the BSE, falling 3.5 per cent and 2 per cent, respectively. On the National Stock Exchange (NSE), the Nifty Bank index settled 0.7 per cent lower weighed by Yes Bank, Bank of Baroda and ICICI Bank.
Global Markets
Asian stocks fell on Friday after US-China trade talks ended without progress and market focus shifted to a speech by the Federal Reserve chairman for fresh clues on the direction of US monetary policy.
MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.25 per cent. It was still up about 1 per cent on the week. Hong Kong's Hang Seng fell 0.55 per cent and the Shanghai Composite Index dropped 0.35 per cent. Australian stocks rose 0.15 per cent and South Korea's KOSPI advanced 0.2 per cent. Japan's Nikkei climbed 0.65 per cent, lifted by a weaker yen.
Investors braced for a speech by Federal Reserve chair Jerome Powell for hints on the direction of monetary policy. Powell is set to give a speech later in the day at the Jackson Hole, Wyoming, conference of central bankers.
 "MARKET WRAP: Sensex slips 85 pts; private banks drag, YES Bank falls 3.5%")
