INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The two-day rally in the market came to a halt on Friday, as key indices Nifty and Sensex finished almost flat after gains in Sun
Pharma, Reliance Industries and Infosys were offset by losses in HDFC, HDFC Bank and ITC.
Sensex and Nifty rallied for the last two sessions
even as the Reserve Bank of India hiked the short-term lending rate by 25 basis points, but maintained the neutral stance in its second
bi-monthly policy review on Wednesday
Market participants attributed the rally to RBI's neutral stance and said that market had already priced in the rate hike.
But the upbeat
momentum fizzled out on Friday and market appeared to be in the correction mode amid a depreciating rupee and rising crude oil
prices.
Moreover, weak global cues dealt a blow to sentiment as investors remained cautious ahead of the meet of G7 leaders on Friday, which
might see a combative tone in the wake of the imposition of tariffs on steel and aluminium by the US administration.
The Sensex slipped 19
points, or 0.05 per cent, to stop at 35,444, with 18 stocks falling and 13 advancing.
The Nifty settled flat at 10,768, with 24 stocks in
the green and 26 in the red.
Sun Pharma led the pack of Sensex gainers, surging over 8 per cent
The stock racked up its biggest rally in four months after the US Food and Drug Administration (USFDA) updated the status of the company's
Halol facility to VAI, which stands for Voluntary Action Indicated'
This means objectionable conditions were found and documented, but the agency is not prepared to take or recommend regulatory action
Dr Reddy's laboratories was up next, rising nearly 5 per cent
As per PTI, the drug maker expects to launch the generic version of Copaxone in the US market during the first half of next fiscal.
Tata
Motors, State Bank of India and Reliance Industries clocked up gains of over 1 per cent.
Shares of Tata Motors got traction after its arm
Jaguar Land Rover (JLR) reported a jump in global sales, riding on the back of new launches
Jaguar Land Rover sales at the global level grew 6.1 per cent to 48,281 units in May.
On the other side, Power Grid Corporation, HDFC, Axis
Bank and ITC stood among the top Sensex losers of Friday's session
Sectoral indices portrayed a mixed picture
Power, metal, basic materials, utilities, capital goods, bank, auto, finance and FMCG ended in the red.
BSE Healthcare settled 468 points or
3.62 per cent up with shares surging up to 11 per cent.
