INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic equity market continued to consolidate on Friday despite witnessing volatility, as a sharp plunge in the rupee along
with weakness in global markets dented investor appetite.
Investors were on tenterhook as they keenly awaited June quarter GDP data
scheduled to be released later in the day
Most analysts were estimating the GDP print to be at 7.5-7.6 per cent
A few have gone overboard to project 8 per cent expansion.
The domestic currency on Friday breached the 71-mark against the US dollar and
traded near fresh all-time low levels through the day
The weakness in rupee can be attributed to the persistent demand for the greenback amid rising crude prices.
BSE benchmark Sensex extended
its decline to a third straight session to close 45.03 points, or 0.12 per cent lower at 38,645.07
Sensex swung over 200 points during the session
NSE's Nifty50 barely managed to closed in the green and ended at 11,680.50, up 3.70 points, or 0.03 per cent
In the 50-share index 30 shares shut shop higher whereas rest 20 settled lower.
"Nifty traded volatile and settled almost flat, tracking
However, the report that the US President is planning to impose new tariffs on China not only capped upside but triggered profit taking too
Mostly sectoral indices traded in line with the benchmark index and closed flat," said Jayant Manglik, President, Religare Broking.
Among
Sensex stocks YES Bank shares fell the most even as the Reserve Bank of India (RBI) allowed CEO Rana Kapoor to continue in his present
position till further notice
The stock settled 5.11 per cent lower at Rs 343.40.
RIL, MM, Maruti, Vedanta, Tata Steel, ICICI Bank emerged to be other index
losers.
However, Tata Motors, Power Grid, Sun Pharma, Bajaj Auto, Infosys, IndusInd Bank and LT gained up to 2.5 per cent.
BSE Healthcare
and BSE Information Technology indices gained the most on weakness in the domestic unit rupee
BSE Energy index lost the most during today's session followed by BSE Metals and BSE Financials.
Elsewhere, global stocks fell for a
second day today amid reports that US President Donald Trump was preparing to step up a trade war with Beijing
Bloomberg News reported on Thursday that Trump is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public
comment period on the plan ends next week.
European shares tumbled for a second straight day, with the pan-European STOXX index opening over
half a percent lower, Reuters reported.
