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Indian shares closed little changed on Friday as investors took a pause before a busy week of corporate results, but the stock indexes posted their biggest weekly fall in six due to profit-taking in recent outperformers.
The 30-share BSE index Sensex was down 11.58 points or 0.05 per cent at 24,673.84 and the 50-share NSE index Nifty was up 8.75 points or 0.12 per cent at 7,555.20.
Sectoral indices
Among BSE sectoral indices, power index gained the most by 1.58 per cent, followed by realty 1.44 per cent, capital goods 0.97 per cent and infrastructure 0.65 per cent. On the other hand, IT index was down 0.82 per cent, TECk 0.66 per cent, consumer durables 0.59 per cent and auto 0.08 per cent.
The S&P BSE Bankex index was up 0.21 per cent after the newly-formed bank bureau board met for the first time on Friday and discussed issues, including capital infusion, and merger of weak banks with strong ones.
Gainers, losers
Major Sensex gainers were NTPC (+3.95%), BHEL (+2.64%), Lupin (+2.27%), M&M (+1.69%) and GAIL (+1.57%),while the major losers were TCS (-1.71%), Hero MotoCorp (-1.62%), HUL (-1.23%), Maruti (-1.22%) and Infosys (-1.21%)
Trading volume
Daily stock trading volume was weak with bond and currency markets closed for a public holiday. The NSE index saw only about a quarter of the 30-day average volume in the first four hours of trading.
The next key trigger will be January-March results starting next week, said traders, adding that margins were expected to be muted on sluggish global and domestic demand.
Next week, cement makers ACC Ltd and Ambuja Cements Ltd, and software services provider Infosys are due to report their quarterly results.
“Today being the last day of the week and with currency and bond markets shut, not much trading activity is expected,” said K K Mital, head-portfolio management services at Globe Capital Market.
“Earnings report next week would determine the trend but we don't expect any major correction from hereon.”
Brokers’ comment
Brokers said fresh round of selling by foreign investors amid muted expectation of fourth-quarter results and a weak Asian trend, tracking overnight losses in the US markets on growing concern about the state of the global economy, hit the domestic sentiment.
Global markets
European equities rose in early trading on Friday as firmer prices of metals and crude oil boosted resource-related stocks, although a pan-European index was on track for its fourth straight week of losses.
The STOXX Europe Basic Resources and the Oil and Gas indexes rose 1.2 per cent and 1 per cent, respectively, the top two sectoral gainers, after oil gained on expectations of increased fuel demand following firm economic indicators from the United States and Germany. Metals prices were also firmer.
Asian shares extended losses to three-week lows on Friday, while the yen soared to a 17-month high against the dollar as investors bet Japan would be hard pressed to drive down its currency in the face of widespread foreign opposition.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent, heading for a weekly drop of 1.8 per cent.
US stocks dropped on Thursday as oil prices slid and worries about the global economy resurfaced, dragging down the dollar against the yen and causing investors to flee riskier assets.
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