Sensex ends marginally higher ahead of RBI policy meeting

The benchmark indices on Friday ended flat as investors preferred to stay on the sidelines ahead of the Reserve Bank of India's policy meeting next week.

The S&P BSE Sensex settled the day at 28,240, up 14 points, while the Nifty50 quoted 8,740, up 7 points at close. 

In the broader market, BSE Smallcap index outperformed the frontline indices and BSE Midcap to gain 1%. BSE Midcap added 0.6%. 

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,600 shares rose and 1,187 shares fell. A total of 159 shares were unchanged.

"Market ended flat after a range bound movement while holding the weekly gains. RBIs monetary policy next week is in the limelight with the expectation of a rate cut given the governments prudence to the fiscal deficit path. Investors are awaiting today’s US job data to get some sense on future Fed policies,” Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.

 

BSE's bumper debut on NSE

Shares of Bombay Stock Exchange (BSE) made a strong debut on Friday, with the scrip listing at Rs 1,085, a 35% premium over the issue price of Rs 806 on the National Stock Exchange (NSE). The stock hit a high of Rs 1,200, up 49% against its issue price within minutes of listing. The stock eventually settled the trade 33% higher at Rs 1,070 against its issue price.

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Buzzing stocks

Sun TV Network hogged the limelight by surging as much as 26% to an all-time high of Rs 670 on the NSE after a special CBI court on Thursday dropped all charges against former telecom minister Dayanidhi Maran and Sun TV promoter Kalanithi Maran in the Aircel-Maxis case. The scrip closed 24% higher at Rs 685.

Auto stocks continued to fall for a second day, and were among the biggest percentage losers on the NSE after weak January sales. Tata Motors shed nearly 2% to Rs 522. 

IT stocks fell after strong gains in the previous session. Infosys and HCL Technologies were down 1% each, after gaining nearly 2% on Thursday.

Shares of public sector undertaking (PSU) banks were in focus extending their rally for the third straight trading sessions post Budget.

Total six PSU banks – Bank of Baroda (BOB), Bank of India (BOI), IDBI Bank, Indian Bank, Union Bank of India (UBI) and Vijaya Bank – have hit their respective 52-week highs on the National Stock Exchange (NSE) in other wise range-bound market.

Besides these six banks, City Union Bank and Federal Bank too touched 52-week highs in intra-day trade on Friday.

Global markets

European markets opened higher ahead of the key US jobs report and a European summit, where leaders are likely to discuss the new US administration.

The pan-European Stoxx 600 was 0.3% higher, while CAC 40 and FTSE 100 gained 0.8% and 0.4% respectively. 

Chinese stocks slumped on Friday, sending Asian markets skidding for their biggest losses in two weeks after Beijing unexpectedly raised short-term interest rates, adding to growing concerns about US President Donald Trump's aggressive policies.