Benchmark indices Sensex and Nifty ended over 1 per cent lower on Friday, dragged by fall in blue-chip companies such as Reliance Industries (RIL), Infosys and YES Bank amid muted global cues. The S&P BSE Sensex ended 464 points or 1.33 per cent down at 34,316 while NSE’s Nifty50 index settled at 10,303.55, down 150 points or 1.43 per cent.
Stock markets all round were a bit lackluster: data showing China’s economy growing at its slowest pace since 2009 weighed on shares in Asia, although Chinese shares staged a recovery after the securities regulator announced a series of measures to aid the market.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.l per cent after earlier falling as much as 0.9 percent ahead of the China GDP reading. Australian shares fell 0.05 per cent and Japan’s Nikkei average ended 0.6 per cent lower for its third straight week of declines. Stocks in Europe managed a modest rise at the start of trading but fell back into the red.
Back home, among individual stocks, RIL dipped as much 7 per cent to Rs 1,073 on the BSE in the intra-day trade after a mixed bag results for the quarter ended September 2018 (Q2FY19) with its retail and digital services (telecom; Jio) businesses continuing to post strong growth, while its core refining business performance was a bit disappointing amid high expectations. The stock ended at Rs 1,102 apiece on BSE, down 4 per cent.
YES Bank also dropped as much as 8 per cent in the intra-day trade after the Reserve Bank of India (RBI) on Wednesday once again rejected the lender’s request for extending the term of MD & CEO Rana Kapoor, and reaffirmed the February deadline for finding his successor. Shares of the bank ended at Rs 218, down 6 per cent.
NBFCs tank Shares of non-banking financial companies (NBFCs), including housing finance companies (HFCs) and select private banks tumbled for the second straight day. Among individual stocks, Dewan Housing Finance Corporation (DHFL), Indiabulls Housing Finance and PNB Housing Finance slipped over 17 per cent on Friday on concerns of overall credit growth due to the liquidity crisis.
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