Sensex logs 1st weekly fall in three on muted earnings
THE benchmark Sensex on Friday moved sideways for the most part and ended little changed at 25,607, breaking its two-week winning streak, as muted ear nings weighed heavy on gains in oil stocks.
May series derivatives contracts got off to a better start, which contributed to the upside. Phar ma, power and PSU stocks stayed in the limelight.
On a weekly basis, the BSE Sensex ended 231.52 points, down 0.89%, while the NSE Nifty fell 49.50 points, or 0.62%.
Selective buying towards the fag end on the first day of the May series of derivatives contracts, mainly helped the key indices close in the positive zone, though with minor upward changes.
After resuming higher, the Sensex swung between gains and losses before settling 3.52 points, or 0.01% higher at 25,606.62 points.
The index had lost 461.02 points in the last session after BoJ took investors by surprise by deciding against fresh stimulus and April F&O expiry.
On similar lines, the Nifty ended higher by 2.55 points, or 0.03%, at 7,849.80 after trading between 7,889.05 and 7,788.70.
Brokers said fresh positions built up by participants following beginning of May series in the derivatives segment helped trading sentiment improve.
However, disappointing Q4 ear nings by top private lender ICICI Bank came as a spoiler.
ICICI Bank shares ended 1.48%lower after the company reported a 75.97% decline in standalone net profit for the fourth quarter ended March.
HCL Technologies tanked 6.19% after its quarterly show.
Shares of telecom operator Idea Cellular tumbled 6.52% after the company's net profit declined 39% in the March quarter.
Hong Kong's Hang Seng fell 1.50% while Shanghai Composite shed 0.25%. Japanese financial markets were closed for a public holiday.
European markets too slid in early deals as losses in US equities weighed on sentiment.
In the 30-Sensex constituents, Lupin gained the most by surging 1.94%, followed by Cipla (1.89%).
Shares of cement makers such as ACC and Ambuja Cement were back in demand as they gained 0.34% and 0.30%, respectively, triggered by an increase in cement sales in the March quarter. PTI