Sensex ends 95 points lower on negative global cues; logs weekly gains
The Sensex ended at 35,227, down 95.12 points, while the broader Nifty50 was ruling at 10,696, down 39.95 points. Broader markets underperformed with the BSE Midcap and the BSE Smallcap indices slipping up to 1.5 per cent.
The Sensex and Nifty settled lower on Friday as optimism over robust growth data was tempered by renewed concerns of a global trade conflict. Profit-booking in power, utilities and banking stocks offset gains in auto counters, which spurted following upbeat sales figures for May.
The Sensex ended at 35,227, down 95.12 points, while the broader Nifty50 was ruling at 10,696, down 39.95 points. Broader markets underperformed with the BSE Midcap and the BSE Smallcap indices slipping up to 1.5 per cent.
Market breadth, indicating the overall health of the market turned sharply negative. On the BSE, 2,024 stocks declined, 674 stocks gained, while 127 stocks remained unchaned.
"Market witnessed strong bounce back led by positive global cues and fall in oil prices from 80$/bbl to 76$/bbl which has mildly improved sentiment. Additionally investors are expecting a strong Q4 GDP growth which is adding some positive vibes. Banks led from the front while midcaps underperformed due to concern on valuation," said Vinod Nair, Head of Research, Geojit Financial Services.
Both the Sensex and Nifty, however, registered gains for the week. The Sensex climbed 302.39 points, or 0.87 per cent, while the Nifty advanced 91.05 points, or 0.86 per cent, during the period.
The major gainers on Nifty were Bajaj Auto, Maruti Suzuki, Bharti Airtel, Tata Motors (DVR) and Hero MotoCorp while Tata Steel, ONGC, Mahindra and Mahindra (M&M), Hindustan Unilever and IndusInd Bank were the major losers.
On the Nifty, the top gainers were Bajaj Auto, Maruti Suzuki and Bharti Airtel, while Bajaj Finserv, ONGC and Eicher Motors.
Global cues were weak after the US slapped duties on steel and aluminum imports from key allies, including the EU, Canada and Mexico, sparking fears of retaliatory responses.
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Asian markets gave up early gains to end mixed. Japan's Nikkei ended 0.14 per cent lower, while Shanghai Composite Index lost 0.66 per cent. Hong Kong's Hang Seng, however, rose 0.24 per cent.
European stocks witnessed a better start after Italian parties averted the prospect of a snap election, although renewed fears of a global trade conflict limited gains.
Frankfurt's DAX rose 0.87 per cent and Paris CAC was up 1.20 per cent in early deals. London's FTSE inched up 0.60 per cent.
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