Local stocks ended with modest gains after a volatile session of trade. Gains were led by HDFC Bank, ICICI Bank and HDFC. However, gains were capped by fall in index heavyweight Reliance Industries. The Sensex ended above 39,600 level. The Nifty settled above 11,850.
Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Volatility struck bourses in morning trade as the key indices regained positive zone soon after hitting day's low. Trading continued to be volatile in mid-morning trade as the key indices once again slipped in negative zone. Indices turned range bound with tiny losses in afternoon trade. Stocks once again regained positive zone in mid-afternoon trade. Key indices hit day's high in late trade.
The barometer index, the S&P BSE Sensex, rose 86.18 points or 0.22% at 39,615.90. The index hit high of 39,703.10 and low of 39,279.47 in intraday trade.
The Nifty 50 index rose 26.90 points or 0.23% at 11,870.65. The index hit high of 11,897.50 and low of 11,769.50 in intraday trade.
The S&P BSE Mid-Cap index fell 0.17%. The S&P BSE Small-Cap index fell 0.11%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1055 shares rose and 1421 shares fell. A total of 145 shares were unchanged.
Among the sectoral indices on the BSE, the S&P BSE Information Technology (up 0.39%), the S&P BSE Bankex (up 0.61%) and the S&P BSE Telecom (up 0.79%), outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Power (down 0.75%), the S&P BSE Energy (down 0.57%) and the S&P BSE Healthcare (down 0.53%), underperformed the BSE S&P Sensex.
Shares of ICICI Bank (up 1.28%), HDFC Bank (up 0.95%) and HDFC (up 0.55%) gained.
Shares of index heavyweight Reliance Industries fell 0.89% to Rs 1,315.30
IndusInd Bank gained 1.9%. The credit rating of the debt instruments issued by IndusInd Bank has been reaffirmed by IndiaRatings. The rating of infra bonds and the long term issuer rating have been reaffirmed at AA+, with stable outlook. The rating of additional tier I bonds was reaffirmed at AA with stable outlook and short term issuer rating has been reaffirmed at A1+.
Bharti Airtel rose 0.83%. Bharti Airtel said it partnered with OYO Hotels & Homes, to launch OYO Store on 'Airtel Thanks' application. Through OYO Store, Airtel customers can now seamlessly book quality and affordable accommodations directly out of the Airtel Thanks app. Additionally, customers can also make online payments seamlessly via Airtel Payments Bank.
JSW Steel fell 2%. JSW Steel said it has agreed to acquire 10,000 shares, comprising the entire issued and paid-up share capital, of Piombino Steel from JSW Techno Projects Management. Further Piombino Steel, shall, by itself and/or through nominees, acquire 8,000 shares, comprising the entire issued and paid-up share capital of Makler from JSW Techno Projects Management. Pursuant to the above, Piombino Steel shall become a wholly owned subsidiary of the Company and Makler shall become a wholly owned subsidiary of Piombino Steel.
Indiabulls Real Estate fell 2.58% to Rs 128.20 after the company said its promoters plan to sell 14% stake to third party investors. Indiabulls Real Estate announced that in line with the company's promoters' strategy to focus on financial services in the long run, the promoters intend to dispose-off up to 14% of the fully paid-up share capital of the company (out of the aggregate 38.72% fully paid up share capital of the company, currently held by them) to third party investors. The announcement was made after markets on Thursday, 6 June 2019.
Cyient rose 0.1% after the company announced a corporate venture investment in Cylus, a global leader in cybersecurity solutions for the rail industry. This investment is in line with the company's focus on developing smarter and safer mobility solutions for the rail industry. It brings together Cyient's leadership position in engineering solutions for rail and focus on digitalization, with Cylus' cybersecurity solutions developed specifically for the rail industry.
Sagar Cements fell 0.86%. The company said its consolidated production rose 12.91% to 277,146 metric tonne in May 2019 as against May 2018. Consolidated sales rose 13.29% to 2,75,330 MTs in May 2019 as against May 2018.
Overseas, European stocks were trading higher on Friday, as investors digested the latest news surrounding trade and the global economy. The European Central Bank (ECB) decided that it would postpone its first post-crisis interest rate hike, while raising its inflation forecast.
Meanwhile, Theresa May is expected to officially step down as leader of the UK's Conservative Party, however she will maintain her position as Prime Minister until a political heir is found.
Most Asian stocks were trading higher as investors waited for concrete signs of progress in the US-Mexican trade standoff, while bracing for a US jobs report that could sway the course of interest rates there.
US stocks closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.
The International Monetary Fund (IMF) has raised economic growth forecasts for the US to 2.6% this year and 2% in 2020, compared to 2.3% and 1.9% in April respectively, despite the trade war with China and threats to Mexico.
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