Sensex ends 300 points down on rising inflation
The week started with an upbeat on passage of Bankruptcy Bill in Rajya Sabha.
Indian equity markets plunged on Friday, a-day after rising inflation and lower IIP numbers, which reduced the chances of further interest rate cuts next month by Reserve Bank of India.
The 30-share barometer, BSE-Sensex closed down 300 points, or 1.17% at 25,489.557. While, Nifty closed down 85 points, or 1.08% at 7,814.90.
As per Thursday inflation data, the consumer price inflation, rose to 5.39% in April from 4.83% in March. Also, the retail food inflation came in at 6.32% in last month as compared to 5.21% in March.
Today, among the top gainers on Sensex, were Crest Ventures (20%), Arrow Textiles (19.97%) Manappuram Finance (19%), Network 18 (18%), Nestle (7.44%). While, SRF (8.82%), UCO Bank (5.94%), Polaris (5.34%), Reliance Communication (5.34%) and Reliance Infrastructure (5.02%) were among the top losers.
The week started with an upbeat on passage of Bankruptcy Bill in Rajya Sabha but later plunged on poor macroeconomic data. According to a SAMCO report, the coming week is expected to be weak for some more time.
"Investors in the mean time should accumulate good quality shares while traders wanting to go long may wait on the sidelines for some more time or should enter long once the market breaks above 8000 levels", said the report.