Sensex and Nifty resumed lower in the mid-morning trade on Friday after opening weaker following a slump in the Asian markets as North Korea trembled the market sentiments after it fired another missile over Japan into the Pacific Ocean today. The profit booking was seen in the banking and pharma stocks. BSE Sensex lost as much as 103 points to hit the day’s low of 32,138.38 points while NSE Nifty dipped 43 points to mark the day’s low at 10,043.65 points.
Asian shares excluding Japan and US stock futures dipped after Pyongyang fired a missile over Japan into the Pacific Ocean on Friday, demonstrating the reclusive state’s defiance in the face of intensifying sanctions. The broader Nifty 50 was trading down 0.28% at 10,057.95 while the 30-share barometer Sensex was 0.18% lower at 32,182.68. Shares of heavyweight companies such as Reliance Industries, ITC, and HDFC contributed the most to the Sensex decline, as these three stocks alone shaved off about 35 points out of 41 point drop in the index while Infosys, ONGC, HDFC Bank, and Coal India helped to trim the losses.
State-owned Oil and Natural Gas Corp, however, rose as much as 4.4% the top percentage gainer on the Sensex. ONGC’s gas production will go up to 25 bcf from 23 bcf this year and the company is ramping up gas production to 42 bcf (billion cubic feet) in next 5 years, ET Now reported citing ONGC CEO Dinesh K Sarraf. Other shares which are trading higher are Coal India (up 2.33%), Infosys (up 0.95%), Adani Ports (up 0.88%), Wipro (up 0.56%), and TCS (up 0.52%). Shares of Max Financial Services surged as much as 4.8% after at least seven block deals took place on the BSE early in the session.
Sun Pharmaceutical Industries and Dr. Reddy’s Laboratories, which gained in the last three sessions, fell 1.5% and 1.1% respectively while Power Grid Corporation was the biggest loser, trading down 1.57% at Rs 209.95. The Nifty Pharma Index was down 0.9 percent, on track to break its three-day winning streak. Private lender Axis Bank Ltd fell 1.3% after gaining more than 2% this month up to Thursday’s close. The Nifty Bank was 0.3% lower and was set to post its first loss this week.