INSUBCONTINENT EXCLUSIVE:
Sensex, Nifty on Friday: Twenty three stocks on the 50-scrip Nifty index closed higherDomestic stock markets finished nearly unchanged on
Friday, a day after government data showed that retail inflation soared to a five-month high of 5 per cent in June
A selloff witnessed in PSU banks, FMCG and pharma stocks led the declines, despite gains in other Asian markets
but was below market expectations, according to a Thomson Reuters poll
June was the eighth straight month in which inflation was higher than the Reserve Bank of India's medium-term target of 4 per cent.Public
sector lenders took a hit, with the Nifty PSU bank index dropping 2.1 per cent
State Bank of India slipped 2.1 per cent while Bank of Baroda fell 1.2 per cent.HCL Technologies shares declined 2.3 per cent, a day after
the software services exporter approved a buyback proposal on Thursday.However, an uptick in oil prices pushed energy stocks higher, which
2.2 per cent higher."Only select large caps held the markets up today is the second consecutive day when mid caps were under performing the
index were led by Jindal Steel, Engineers India, Canara Bank, Indian Bank and Bank of India, which finished between 3.7 per cent and 5.4 per
cent lower.Asian markets took a breather from concerns around escalating US-China trade war, with MSCI's broadest index of Asia-Pacific
2.5 per cent while the Nifty rose 2.3 per cent on a weekly basis."The activity for the major part of the week was very encouraging; but,
last couple of days was slightly shaky if considered some weakness in the broader market
Hence, we believe that we may not have a smoother ride going ahead, especially in the first half of the forthcoming week," said Sameet
