INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Indian equity market kicked off June derivatives series on a negative note as benchmark indices came off two-week highs on
selling in banks and FMCG counters
Share of auto and telecom stocks managed decent gains.
Profit-booking emerged across sectors as most sectoral indices settled with losses,
but auto witnessed some buying interest on account of upbeat May sales numbers.
Market registered a positive opening on Friday, backed by
better-than-expected GDP data for March quarter.
A government data released post market hours on Thursday showed that Indian economy grew at
7.7 per cent during the last quarter of FY17-18 compared with 6.1 per cent a year ago, propelled by gains in manufacturing and consumer
spending.
However, this GDP optimism took a hit from weak global cues after Trump administration said it will impose a tariff on the imports
of aluminium and steel from European Union, Canada and Mexico.
The move aggravated the prospects of a fresh global trade war as the EU,
Canada and Mexico have threatened retaliation.
The Sensex closed 95 points, or 0.27 per cent, down at 35,227, with 11 stocks advancing and
20 declining.
The Nifty finished the day 40 points, or 0.37 per cent, down at 10,696, with 15 stocks in the green and 34 in the red
One stock remained unchanged in the index.
BSE Midcap and smallcap indices suffered more losses than benchmark Sensex, ending the day 1.01
per cent and 1.57 per cent down, respectively.
Except for energy, telecom and auto, all sectors on BSE ended in the negative zone.
Bajaj
Auto, Maruti, Bharti Airtel, Hero MotoCorp and Tata Motors remained the top gainers in the Sensex index.
Sales of Bajaj Auto jumped almost
30 per cent in the month of May, while Maruti Suzuki registered an increase of 26 per cent in its sales for the month of May
Hero MotoCorp saw its May sales jumping by 11 per cent.
Tata Motors registered strong growth in sales for the Month of May
As per Reuters, Tata Motors' total sales rose by 58 per cent in May.
On the contrary, Tata Steel, ONGC, Mahindra Mahindra and Hindustan
Unilever led the pack of Sensex losers.
European shares edged up on Friday after the political crisis in Italy headed towards a resolution
as a coalition deal started taking shape.
Most Asian peers, however, remained subdued on Friday.
