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Markets end lower on weak rupee
Stock markets went through weak trend for a third straight session on Friday as market benchmark Sensex fell 98 points to 25,301.90 in choppy trade on sustained foreign fund outflows and selling by domestic investors after regulator Sebi tightened guidelines to check any misuse of P-Notes.
Sensex trips 98 points while Nifty slips by 34 points
Mumbai: Stock markets went through weak trend for a third straight session on Friday as market benchmark Sensex fell 98 points to 25,301.90 in choppy trade on sustained foreign fund outflows and selling by domestic investors after regulator Sebi tightened guidelines to check any misuse of P-Notes.
Besides, further weakness in rupee, which depreciated 14 paise to 67.50 against the dollar during the day after minutes of US Federal Reserve's April meeting hinted at the possibility of a June rate hike, hit trading sentiment.
Markets regulator Sebi on Thursday made rules tougher on controversy-ridden P-Notes, making mandatory for all end-users of these overseas instruments to follow anti-money laundering law in India and asked their issuers to report any suspected breach immediately.
The 30-share benchmark Sensex, after hitting the day's high of 25,506.06, had slipped into the red to hit a low of 25,251.90 before settling 97.82 points, or 0.39 per cent, down at 25,301.90. The gauge shed 379.89 points in the previous two sessions. The 50-share NSE index Nifty ended down by 33.7 points or 0.43 per cent at 7,749.70.
Among Sensex stocks, drug major Lupin topped the losers by slumping 9.10 per cent, despite the company witnessing a 47.5 per cent growth in consolidated net profit. In broader markets, small-cap index fell 0.83 per cent and mid-cap slumped 0.49 per cent.
Out of the 30-share Sensex, 18 scrips finished lower. Major losers were ICICI Bank 2.44 per cent, RIL 1.73 per cent, M&M 1.17 per cent, Cipla 1.04 per cent, Tata Steel 0.98 per cent, TCS 0.92 per cent, SBI 0.84 per cent, Tata Motors 0.81 per cent, L&T 0.74 per cent and GAIL 0.67 per cent.
Notable gainers were Adani Ports, up by 3.49 per cent, ITC 1.55 per cent, ONGC 1.40 per cent and NTPC 1.00 per cent. Among BSE sectoral indices, realty dropped 1.42 per cent followed by healthcare 1.39 per cent, energy 0.95 per cent, capital goods 0.75 per cent, industrials 0.68 per cent, Oil&Gas 0.56 per cent, telecom 0.55 per cent and IT 0.52 per cent.
The market breadth remained negative as 1,688 stocks ended lower, 879 closed higher while 180 ruled steady. Globally, Asian bourses ended the week on a positive note as oil prices rebounded and investors continued to weigh the impact of a possible US rate hike as early as June. European markets too were higher.
