Indian equity indices ended a volatile session with moderate losses on Friday. The Nifty closed below the 18,600 level after hitting the day's high of 18,676.65 in early trade. Private bank and realty stocks edged higher. On the flip side, PSU bank, FMCG and media shares witnessed a bit of a selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 223.01 points or 0.35% to 62,625.63. The Nifty 50 index shed 71.15 points or 0.38% to 18,563.40.
In the broader market, the S&P BSE Mid-Cap index rose 0.03% while the S&P BSE Small-Cap index added 0.02%.
The market breadth was negative. On the BSE, 1,741 shares rose and 1,795 shares fell. A total of 112 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index fell 1.21% to 4,035.30. The index declined 1.5% in two trading sessions.
Bank of Maharashtra (down 6.59%), Punjab & Sind Bank (down 2.13%), Bank of India (down 2.02%), State Bank of India (down 1.7%), Bank of Baroda (down 1.52%), UCO Bank (down 1.46%), Indian Overseas Bank (down 1.39%), Punjab National Bank (down 1.35%), Central Bank of India (down 0.92%) and Canara Bank (down 0.46%) slipped.
On the other hand, Indian Bank (up 0.63%) and Union Bank of India (up 0.14%) edged higher.
Stocks in Spotlight:
State Bank of India fell 1.60%.The central board of State Bank of India approved raising funds in INR and/or any other convertible currency by issue of debt instruments upto an amount of Rs 50,000 crore via private placement mode to Indian and/or Overseas investors during FY24, subject to Government of India (GOI) approval wherever required. Debt instruments includes but is not limited to long term bonds, Basel III compliant Additional Tier 1 bonds, Basel III compliant Tier 2 bonds.
Kotak Mahindra Bank shed 0.60%. On the BSE, 347.54 lakh shares were traded in the counter so far compared with average daily volumes of 1.17 lakh shares in the past two weeks.
As per media reports, Canadian-state-owned Canada Pension Fund was to sell a 1.66% stake in Kotak Mahindra Bank. The deal size could have been around $754 million.
Tata Power Company added 0.32%. Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited received Letter of Award (LoA) to set up 966 MW RTC (round-the- clock) hybrid renewable power for Tata Steel. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power. Tata Steel, will invest 26% equity in the project. The project will be commissioned by 1st June 2025 as per the arrangement.
Biocon skid 0.31%. The company's Active Pharmaceutical Ingredient (API) manufacturing facility located in Bangalore has received a certificate of GMP compliance from the Competent Authority of Germany, following an EU GMP inspection that was conducted in February 2023.
Best Agrolife rallied 3.65%. The company announced that it has received the registration for the indigenous manufacturing of Trifloxystrobin-Difenoconazole-Sulphur combination product.
Urja Global hit an upper limit of 20% after the company said it will manufacture and supply batteries under the Tesla Power USA brand.
Blue Dart Express gained 2.50%. The company announced that its board has approved the appointment of Sudha Pai as chief financial officer (CFO) and key managerial personnel (KMP) of the company effective from 1 September 2023.
IRB Infrastructure Developers added 0.07% after the company and its subsidiary collectively registered 20% growth in gross collection to Rs 411.15 crore in May 2023 as compared with Rs 343.50 crore in May 2022.
Zydus Lifesciences fell 1.37%. The drug maker announced that it has strarted of phase IV real world data registry trial 'Evidences- XI' for Saroglitazar Magnesium in non-alcoholic fatty liver disease (NAFLD) patients with comorbidities. The phase IV Evidences- XI trial will enrol approximately 1500 male and female NAFLD patients with comorbidities (either obesity, type 2 diabetes mellitus, dyslipidemia or metabolic syndrome- 200 patients each).
Greenlam Industries locked in an upper circuit of 20% after the company announced the commencement of commercial production of plywood and allied products at its Tindivanam facility.
Global Markets:
Markets in Europe declined across the board while Asian stocks advanced on Friday.
Investors digested China's consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since June 2016.
US stocks closed higher on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Investors were sitting on the sidelines ahead of inflation data and a Federal Reserve policy meeting next week.
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