Home Business Business Sensex ends 134 pts lower, Nifty settles at 11,505; Nifty Pharma...

Business Sensex ends 134 pts lower, Nifty settles at 11,505; Nifty Pharma jumps 5%

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India VIX fell nearly a per cent to 19.93 levels. (Photo credit: Kamlesh Pednekar)

Erasing all their morning gains, the benchmark indices ended in the negative territory on Friday due to selling in the financial counters.

The S&P BSE Sensex ended 134 points, or 0.34 per cent lower at 38,846 with HDFC Bank (down over 2 per cent) being the biggest loser and Bharti Airtel (up around 4 per cent) the top gainer. HDFC Bank, HDFC, Infosys, and Hindustan Unilever (HUL) were among the major contributors to the index’s loss. 

NSE’s Nifty settled at 11,505, up 11 points, or 0.10 per cent. India VIX fell nearly a per cent to 19.93 levels. 
On a weekly basis, both Sensex and Nifty ended flat. 

Meanwhile, pharma stocks gained big in the trade. The Nifty Pharma index jumped 5 per cent to 12,321 levels with all the 10 constituents advancing. Dr Reddy’s hit a record high of Rs 5,496.95 during the trade after the company said it has settled its patent litigation with Celgene for the latter’s cancer drug capsules. The stock settled at Rs 5,306, up 10 per cent on the NSE. READ MORE

On the other hand, financial stocks declined. The Nifty Bank index ended over 1 per cent lower at 22,031 levels while the Nifty PSU Bank index lost 1.62 per cent to 1,386.60 levels. READ MORE
In the broader market, the S&P BSE MidCap index ended 0.26 per cent higher at 15,048 while the S&P BSE SmallCap index ended 0.32 per cent lower at 15,300. Global markets

Stocks struggled on Friday as worries about a resurgence in coronavirus cases and lingering disappointment that central banks merely affirmed their monetary support this week, without promising new stimulus, kept investors wary.

In Asia, China stocks staged a strong finish. The blue-chip CSI300 index ended up 2.3 per cent at 4,737.09, while the Shanghai Composite Index rose 2.1 per cent to 3,338.09.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5 per cent. Stocks in China made their strongest gains in three weeks, with the CSI300 index adding 2.2 per cent, a move led by financial companies. The US-heavy MSCI world shares index was up 0.1 per cent, heading for its first weekly gain in three weeks.

In commodities, oil prices rose for a fourth day in a row, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.
(With inputs from Reuters)

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