Sen­sex logs 1st weekly fall in three on muted earn­ings

The Financial Express - - MONEY & MARKETS -

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

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