AGL 5.75 Decreased By ▼ -0.08 (-1.37%)
ANL 9.08 Increased By ▲ 0.05 (0.55%)
AVN 79.25 Increased By ▲ 0.45 (0.57%)
BOP 5.21 Increased By ▲ 0.05 (0.97%)
CNERGY 4.73 Increased By ▲ 0.05 (1.07%)
EFERT 81.22 Increased By ▲ 0.67 (0.83%)
EPCL 50.87 Decreased By ▼ -0.84 (-1.62%)
FCCL 13.51 Decreased By ▼ -0.10 (-0.73%)
FFL 5.82 Decreased By ▼ -0.03 (-0.51%)
FLYNG 7.25 Increased By ▲ 0.13 (1.83%)
FNEL 4.80 Decreased By ▼ -0.05 (-1.03%)
GGGL 8.90 No Change ▼ 0.00 (0%)
GGL 15.82 Decreased By ▼ -0.23 (-1.43%)
HUMNL 5.88 Increased By ▲ 0.08 (1.38%)
KEL 2.59 Decreased By ▼ -0.01 (-0.38%)
LOTCHEM 29.98 Decreased By ▼ -0.03 (-0.1%)
MLCF 25.28 Decreased By ▼ -0.12 (-0.47%)
OGDC 72.63 Increased By ▲ 0.48 (0.67%)
PAEL 15.43 Decreased By ▼ -0.06 (-0.39%)
PIBTL 5.13 Increased By ▲ 0.12 (2.4%)
PRL 16.48 Increased By ▲ 0.08 (0.49%)
SILK 1.09 Decreased By ▼ -0.01 (-0.91%)
TELE 9.53 Decreased By ▼ -0.12 (-1.24%)
TPL 7.40 Increased By ▲ 0.10 (1.37%)
TPLP 19.29 Increased By ▲ 0.06 (0.31%)
TREET 21.87 Decreased By ▼ -0.08 (-0.36%)
TRG 144.68 Decreased By ▼ -0.29 (-0.2%)
UNITY 17.56 Increased By ▲ 0.94 (5.66%)
WAVES 10.01 Increased By ▲ 0.01 (0.1%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 4,258 Increased By 27.9 (0.66%)
BR30 15,841 Increased By 19.2 (0.12%)
KSE100 42,374 Increased By 302.3 (0.72%)
KSE30 15,665 Increased By 161 (1.04%)
Follow us

BENGALURU: A bout of late selling in automakers and banks knocked India’s blue-chip stock indexes off four-week highs and into negative territory on Friday, although strength in information technology shares and Reliance Industries helped limit the decline.

The NSE Nifty 50 index closed 0.26% lower at 16,584.3, while the S&P BSE Sensex slipped 0.09% to 55,769.23. The indexes still clocked their third straight week of advances with gains of around 1.5% each.

“There is huge volatility in key economic variables and commodity prices, especially crude, which is keeping investors on edge,” said Saurabh Jain, assistant vice president research, SMC Global Securities. “Inflation is still the major concern.”

Earlier in the session, both the Nifty and the Sensex had risen as much as 1% as Reliance Industries hovered just shy of record highs and IT stocks tried to stage a recovery after eight straight weeks of losses.

Indian shares settle higher on boost from Reliance, IT stocks

The Nifty IT index gave up some gains to close 0.37% higher and notched a weekly rise of around 4.4%. The index has dropped 22.7% so far this year amid losses in global peers on concerns over valuations and attrition.

Shares of Reliance Industries - India’s most valuable company - climbed 2% and were among the biggest boosts to the indexes.

The Nifty Auto index led losses among sub-indexes with a 1.8% drop. India’s top carmaker Maruti Suzuki fell 2.8%. The Nifty PSU Bank index, which tracks state-run lenders, slipped 1.4%.

Shares of UltraTech Cement slid 5.5% after the company said it would spend $1.66 billion to boost capacity as it looks to stave off competition from the sector’s newest entrant Adani Group.

Grasim Industries - UltraTech Cement’s parent company - fell 6.5%, while rivals Shree Cement, ACC and Ambuja Cements also declined.

Meanwhile, specialty chemicals firm Aether Industries closed 20.6% higher in its market debut after its $104 million initial public offering received a strong investor response.

Comments

Comments are closed.

Automakers, banks knock Indian shares off four-week highs

Pakistan seeks support from Bank of China to bring back macroeconomic stability

Pakistan receives $500mn from AIIB: finance ministry

Submarine cable disruption hits Pakistan's internet services

Ten terrorists killed in gun battle with security forces in Balochistan: ISPR

Gen Qamar Javed Bajwa hands over baton of command to Gen Asim Munir

Rupee remains stable at 223.95 against US dollar

ECP spokesperson sacked over statement regarding dissolution of assemblies

Hina Rabbani Khar meets interim Afghan government leadership on one-day Kabul trip

Oil jumps on hopes for easing of China’s COVID controls

Islamabad court extends Azam Swati’s remand for 4 days