Key equity benchmarks ended lower on Friday, dragged by weakness in index heavyweights. The Nifty ended below 11,800-mark. The barometer index, the S&P BSE Sensex, fell 191.77 points or 0.48% to 39,394.64, as per the provisional closing data. The Nifty 50 index fell 52.7 points or 0.45% to 11,788.85, as per the provisional closing data.
Negative Asian stocks put pressure on domestic bourses. Investors continued to be cautious as the G-20 summit, where the US and China will discuss trade relations, will begin in Osaka, Japan on Friday.
The S&P BSE Mid-Cap index was down 0.30%. The S&P BSE Small-Cap index was down 0.07%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1157 shares rose and 1368 shares fell. A total of 160 shares were unchanged.
Shares of Karnataka-based real estate companies declined after media reports suggested that the state government is contemplating a five-year ban on construction of multi-storied residential buildings in view of the acute water crisis.
Puravankara (down 5.21%), Prestige Estates Projects (down 2.26%), Brigade Enterprises (down 2.07%) and Sobha (down 1%) edged lower.
Among other realty stocks, Anant Raj (down 2.78%), Indiabulls Real Estate (down 1.34%), The Phoenix Mills (down 0.87%), Mahindra Lifespace Developers (down 0.69%), Sunteck Realty (down 0.08%) and Omaxe (down 0.05%) declined. . Oberoi Realty (up 3.13%), DLF (up 1.73%) and Godrej Properties (up 0.16%) edged higher.
GAIL India (up 1.55%), Tech Mahindra (up 0.94%), NTPC (up 0.93%) and Britannia Industries (up 0.79%) were major gainers today.
Yes Bank (down 3.56%), Indiabulls Housing Finance (down 3.3%), Bharti Infratel (down 2.44%), Coal India (down 2.35%) and Tata Motors (down 2.23%) were major loser today.
Weakness in index heavyweights weighed on key indices. Reliance Industries (down 1.55%), Tata Consultancy Services (down 1.15%) and HDFC Bank (down 0.6%) witnessed selling pressure.
State Bank of India was down 0.61% at Rs 359.85. It hit a 52-week high of Rs 364.85 in intraday today.
Bajaj Finserv was up 1.01% at Rs 8,530.95. It hit a 52-week high of Rs 8,530.95 in intraday today.
Bajaj Finance was up 1.05% at Rs 3,678.4. It hit a 52-week high of Rs 3,683.55 in intraday today.
Titan Company was up 0.47% at Rs 1,335.05. It hit a 52-week high of Rs 1,335.30 in intraday today.
Godrej Properties was up 0.53% at Rs 1,005.65. It hit a 52-week high of Rs 1,014 in intraday today.
Oberoi Realty was up 2.85% at Rs 608.85. It hit a 52-week high of Rs 621.30 in intraday today.
Metal stocks witnessed heavy selling. Jindal Steel & Power (down 4.02%), Steel Authority of India (down 2.59%), National Aluminium Company (down 1.79%), Vedanta (down 1.19%), Tata Steel (down 1.19%), Hindustan Copper (down 0.87%), Hindustan Zinc (down 0.37%) and NMDC (down 0.04%) declined. Hindalco Industries rose 0.32%.
Most state-run banks advanced. Union Bank of India (up 4.77%), Syndicate Bank (up 3.05%), Punjab National Bank (up 2.37%), Bank of India (up 2.04%), Oriental Bank of Commerce (up 1.46%), and Allahabad Bank (up 0.5%) advanced. Bank of Baroda was down 0.12%.
Domestic banks continue to see an improvement in asset quality with bad loans as a percentage of total loans expected to fall to 9% by March 2020, according to the Financial Stability Report released by the Reserve Bank of India (RBI) on Thursday. The gross non-performing assets (NPAs) as a percentage of total loans stood at 9.3% as on March 2019.
According to the bi-annual report, stress tests done on public sector banks (PSBs) revealed that gross non-performing ratio may decline to 12% by March 2020 from 12.6% in March 2019. Private sector banks too could see a fall in gross NPAs to 3.2% from 3.7% during the same period.
Sun Pharmaceutical Industries was down 0.47% to Rs 400.90. The company announced that one of its wholly owned subsidiaries has entered into a licensing agreement with a subsidiary of China Medical System Holdings Ltd. (CMS) for the development and commercialization of Tildrakizumab, an innovative biologic product, for psoriasis and psoriatic arthritis in Greater China (including Mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan). The announcement was made after market hours yesterday, 27 June 2019.
Infosys rose 0.10% to Rs 731.55. Infosys McCamish, a US based subsidiary of Infosys BPM and a leading developer of solutions and services in the insurance and financial services industry today announced its partnership with Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance. As part of the partnership, Infosys McCamish will provide policy administration services for PALIG's new Global Assets Indexed Universal Life (IUL) product. The announcement was made after market hours yesterday, 27 June 2019.
Lupin was down 1.32% to Rs 753.4. The company announced that it has received tentative approval for its Mirabegron extended release (ER) tablets, 25 mg and 50 mg, from the United States Food and Drug Administration (USFDA), which is a generic version of Myrbetriq extended release tablets, 25 mg and 50 mg, of Astellas Pharma Global Development Inc. (Astellas).
Meanwhile, the markets regulator Securities and Exchange Board of India (Sebi) on Thursday tightened the disclosure around pledged shares. The regulator has said any promoter whose pledging exceeds 20% of the shareholding or 50% of the promoter shareholding will have to cite reasons for pledging shares. Further, the regulator has expanded the definition of pledged shares to ensure all forms of encumbrance are covered.
Overseas, most European stocks were trading higher while almost all Asian stocks ended lower on Friday as investors watched for developments from the G-20 summit in Osaka, Japan.
In US, the S&P 500 halted a four-day slump but the Dow marked its longest skid since March as investors awaited U.S.-China trade talks between President Donald Trump and China's President Xi Jinping during the G-20 meeting in Japan that begins Friday. A tariff cease-fire between Beijing and Washington would avert the next round of tariffs on additional $300 billion worth of Chinese imports.
On the economic data front, the Commerce Department issued its final revision of first quarter GDP growth and said the U.S. economy grew at a solid rate of 3.1% in the first quarter, but consumer spending and business investments grew at a slower pace than in the earlier estimates. The economy grew at a 2.2% pace in the October-December period.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
