The S&P BSE Sensex ended flat, just 18 points up at 41,951 points while broader Nifty50 index settled at 12,352 points. Bharti Airtel, the top gainer on S&P BSE Sensex, finished 5.47 points up at Rs 500 on BSE.
Benchmark stock market indices Sensex and Nifty traded on a flattish note for most of the session ahead of December quarter results of two Nifty heavyweights Reliance Industries (RIL), Tata Consultancy Services (TCS) and another index constituent HCL Tech. During the trade. Apart from this, after the Supreme Court dismissed the review petition filed by telcos to seek a waiver of interest, penalty and interest on penalty on their AGR payment, shares of Vodafone Idea finished 25.21 per cent lower at Rs 4.51 apiece on BSE on Friday. The S&P BSE Sensex ended flat, just 18 points up at 41,951 points while broader Nifty50 index settled at 12,352 points. Bharti Airtel, the top gainer on S&P BSE Sensex, finished 5.47 points up at Rs 500 on BSE followed by Reliance, Sun Pharma, Maruti Suzuki India, HCL Tech, on the Sensex pack.
Conversely, IndusInd Bank, State Bank of India (SBI), HDFC, ICICI Bank, L&T and TCS were the top laggards. The Nifty sectoral indices traded mixed on Friday. Nifty Pharma index gained the most, led by gains in Piramal Enterprises, Dr Reddy’s Laboratories and Glenmark Pharmaceuticals. “Pharma sector did extremely well in Friday’s trading session and Nifty pharma chart is witnessing a very bullish formation with closing above its 200-DMA, therefore, we can expect that pharma sector may continue to do well in the coming days,” Santosh Meena, Senior Analyst, TradingBells said
While Nifty Bank index settled in a negative territory dragged by IDFC First Bank, IndusInd Bank, State Bank of India and YES Bank. The broader markets continued to rally and outperformed the benchmark indices.
“Market breadth has been extremely strong in the last week, with both Midcap and Smallcap indices outperforming Nifty by 3 percentage points,” S Hariharan, Head- Sales Trading, Emkay Global Financial Services. The S&P BSE MidCap ended 78 points or 0.50 points lower at 15,703 points, while S&P BSE SmallCap gained 60 points or 0.41 per cent.
“Midcap and Smallcap spaces are likely to continue their outperformance where a sector-specific move can be seen on pre-budget news flows,” Santosh Meena said.” Yesterday’s Supreme Court ruling against telcos has further added to concerns of stressed assets in the sector – as a result, Banks have under-performed Nifty by 2.5% this week. The anticipation of added fiscal stimulus in the Union Budget is currently being priced in, adding to risks of a disappointment considering constrained fiscal situation of the government,” S Hariharan said. As Supreme Court dismissed the review petition filed by the telcos on AGR issue, Bharti Airtel ended up 5.47 per cent to Rs 500 while Vodafone Idea finished at Rs 4.51, down 25.21 per cent. Reliance Industries, which operates Reliance Jio, was up 2.79 per cent.