BSE Sensex edged lower on Friday, after hitting record highs in the previous two sessions, as investors turned cautious ahead of inflation data and booked profits in recent outperformers. The S&P BSE Sensex ended at 30,188, down 62 points, while the broader Nifty50 settled at 9,401, down 21 points.
A lower rate of inflation would likely lower the chances of an interest rate hike, potentially adding more fuel to the ongoing rally in equities. Both the broader NSE Nifty and the benchmark BSE Sensex hit record highs in the previous two sessions and were up more than 1% for the week. FIIs bought shares net worth Rs. 1,306.71 crore yesterday, as per the provisional figures issued by the stock exchanges.
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Among BSE sectoral indices, healthcare and banking indices fell the most by 1.07 per cent, followed by consumer durables 0.81 per cent and power 0.78 per cent, while IT index was up 1.04 per cent.
Asian Paints, Axis Bank, ICICI Bank and Adani Ports lost the most on BSE Sensex, while Hero MotoCorp, Infosys, Cipla and Sun Pharma were the top gainers.
Asian Paints shed over 3% even after the company reported 10.13% increase in consolidated net profit at Rs 479.61 crore in the March quarter as its consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) margins contracted by 100 basis points to 18% year-on-year. The stock was the top loser on Sensex and Nifty both.
Infosys gained 2% following news reports that the company has delayed salary increases to at least July and even later for senior employees.
Shares of Reliance Infrastructure rose as much as 4.6% after the company’s subsidiary, Delhi Airport Metro Express, won an arbitration case against Delhi Metro Rail Corp on Thursday.
Market breadth remained negative as 1784 stocks closed in the negative, 993 stocks finished higher and 182 remained unchanged. The total market cap of BSE Sensex was Rs 50.9386 lakh crore. The Price to Earnings (PE) multiple of the Sensex stood at 23.08 while its Price to Book value (PB) multiple was at 2.95 and the Dividend Yield was at 1.32.