AIRLINK 72.51 Decreased By ▼ -1.59 (-2.15%)
BOP 5.05 Increased By ▲ 0.05 (1%)
CNERGY 4.41 Increased By ▲ 0.07 (1.61%)
DFML 29.98 Increased By ▲ 0.44 (1.49%)
DGKC 84.25 Increased By ▲ 0.70 (0.84%)
FCCL 22.50 Increased By ▲ 0.07 (0.31%)
FFBL 34.58 Decreased By ▼ -0.32 (-0.92%)
FFL 10.19 Increased By ▲ 0.32 (3.24%)
GGL 10.33 Increased By ▲ 0.33 (3.3%)
HBL 113.00 Increased By ▲ 1.00 (0.89%)
HUBC 141.31 Increased By ▲ 3.62 (2.63%)
HUMNL 8.03 Increased By ▲ 1.05 (15.04%)
KEL 4.46 Increased By ▲ 0.06 (1.36%)
KOSM 4.54 Decreased By ▼ -0.05 (-1.09%)
MLCF 38.60 Increased By ▲ 0.05 (0.13%)
OGDC 135.11 Decreased By ▼ -1.49 (-1.09%)
PAEL 26.65 Increased By ▲ 1.51 (6.01%)
PIAA 26.10 Decreased By ▼ -0.41 (-1.55%)
PIBTL 6.56 Decreased By ▼ -0.09 (-1.35%)
PPL 121.99 Decreased By ▼ -3.41 (-2.72%)
PRL 28.40 Increased By ▲ 0.19 (0.67%)
PTC 14.03 Decreased By ▼ -0.27 (-1.89%)
SEARL 55.85 Increased By ▲ 1.25 (2.29%)
SNGP 70.60 Decreased By ▼ -0.60 (-0.84%)
SSGC 10.47 Decreased By ▼ -0.03 (-0.29%)
TELE 8.60 Increased By ▲ 0.08 (0.94%)
TPLP 11.12 Increased By ▲ 0.18 (1.65%)
TRG 61.66 Increased By ▲ 0.96 (1.58%)
UNITY 25.27 Decreased By ▼ -0.06 (-0.24%)
WTL 1.30 Increased By ▲ 0.04 (3.17%)
BR100 7,676 Increased By 11.3 (0.15%)
BR30 25,163 Increased By 137.8 (0.55%)
KSE100 73,197 Increased By 432.4 (0.59%)
KSE30 23,768 Decreased By -7.4 (-0.03%)
Markets

Indian shares close lower as Reliance drags

  • The NSE Nifty 50 fell 0.35% to 16,238.20 and the S&P BSE Sensex slid 0.4% to 54,277.72. The indexes still closed 3% higher for the week
Published August 6, 2021

BENGALURU: Indian shares closed lower on Friday, snapping a four-day winning streak, weighed down by heavy-weight Reliance Industries after India's top court ruled in favour of the arbitration order stopping Future Retail's sale of assets to the conglomerate.

The NSE Nifty 50 fell 0.35% to 16,238.20 and the S&P BSE Sensex slid 0.4% to 54,277.72. The indexes still closed 3% higher for the week.

Shares of Reliance and Future Retail Ltd dropped 2.1% and 9.9%, respectively, after India's Supreme Court validated an arbitration order stopping the conglomerate's $3.4 billion deal to buy Future Retail.

Meanwhile, India's central bank on Friday held rates at record lows as widely expected, but it raised its inflation forecast and said it would normalise liquidity conditions in a signal policymakers could be edging closer to tapering pandemic-induced stimulus.

Indian shares end higher; markets await RBI policy decision

"It is unlikely that the RBI will change its stance in the October policy, although the split voting pattern could further increase," Kotak Mahindra Bank said in a note.

"We expect the start of policy normalization in the form of hike in reverse repo rate could be around the December policy after risks of further Covid wave fade.

The benchmark 10-year bond yield rose to 6.24%, while the Indian rupee closed at 74.16 against the dollar.

Among individual stocks, Strides Pharma Science Ltd fell 6.3% after reporting net loss in the June quarter.

Indian banks get extra time to comply with revised current account rules

Shares of Vodafone Idea rose over 19% on a report lenders of the debt-laden telecom operator were in talks to swap their debt for equity .

Among other shares, Glenmark Life Sciences closed 4% higher in its debut in the Mumbai market after its initial public offering was oversubscribed 44 times.

Comments

Comments are closed.