Benchmark Indian indices ended almost flat on Friday, with the NSE Nifty holding above the 8,400-mark.
Automobile and IT stocks were major losers while FMCG stocks were among major gainers.
BSE Sensex provisionally closed down 0.03% or 9.1 points at 27,238.06, while NSE Nifty ended down 0.08% or 6.85 points at 8,400.35.
The benchmark indices saw volatility in the afternoon trade, with further drag from the IT stocks.
Axis Bank, GAIL and HDFC were the top gainers on Nifty, rising 3.87%, 2.31% and 2.16% respectively. On the other hand, Idea Cellular was the top loser on the Nifty, ending down 4.64%. Earlier today, it was learnt that the Attorney General has given an opinion that the Department of Telecom has the authority to impose penalty on the telecom companies for poor quality of service, paving the way for imposition of Rs 1,050 crore each on Airtel and Vodafone, and Rs 950 crore on Idea.
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Among the tech stocks, both TCS and Infosys fell sharply, with Infosys giving up early morning gains despite better than expected net profit report for the third quarter. TCS ended the day down 4.05%, while Infosys closed 2.42% lower than the previous close on the NSE. Consequently, BSE IT index was dragged down 1.89% at the day’s close.
Among Auto stocks, MRF and Maruti were among the top losers, down 2.85% and 1.54% respectively. Maruti is due to launch a new compact crossover car Ignis in its Nexa range.
Among other major gainers, SpiceJet surged over 4% on the announcement of a deal with Boeing to buy up to 205 new jet aircraft for about $22 billion. The carrier’s stock ended up 2.5% at Rs 65.5 on BSE.