Stocks closed lower Friday tracking weak global cues. The BSE Sensex ended 0.7 per cent lower, capping a week of lacklustre trade. The BSE Sensex declined 120 points to 17,158, while the broader Nifty index shed 38 points to 5,205.
Indian markets have been range bound for the past few weeks. The Sensex fell 55 points, while the Nifty shed 50 points this week.
Analysts said unless the government moved swiftly to unleash reforms and quicken the pace of decision making, markets are unlikely to move sharply.
"The range of 5,100-5,350 is likely to hold over the next 2-3 weeks," Shardul Kulkarni, senior technical analyst at Angel Broking told NDTV Profit.
Banking and capital goods stocks saw the biggest cut, falling over 1 per cent. Private lender Kotak Mahindra was the top Nifty loser, falling 2.9 per cent. The stock has been downgraded by some brokerages on account of high valuations. ICICI Bank, India's no 1 private lender, ended 1.6 per cent.
On the Nifty index, 39 of the 50 stocks traded lower. State run power equipment manufacturer BHEL, and drug makers Dr Reddy's and Cipla also shed 2-2.6 per cent.
BHEL and L&T declined despite the Cabinet decision to impose a 5 per cent import duty on power generation equipment. The move is expected to create a level playing field for domestic firms like BHEL and L&T. Shares in L&T, India's biggest engineering and construction firm, declined over 1 per cent.
IT major Infosys was the biggest drag on the Sensex. The stock declined over 1 per cent after the sharp gains yesterday.
Shares in Reliance Industries, India's biggest conglomerate, closed 0.7 per cent lower ahead of the announcement of June quarter earnings. The company is likely to report a decline in net profit for the third straight quarter.
Two-wheeler major Bajaj Auto was the top Sensex gainer, rising over 2.8 per cent, on the back of a string of upgrades post earnings announcement. Asian Paints closed off the day's high as Q1 earnings falling well short of analyst estimates.
Shares in Maruti Suzuki, India's biggest car manufacturer, rebounded over 2.5 per cent after witnessing sharp cut yesterday. Operations at the Manesar plant continue to be suspended post the recent unrest.
European markets extended losses after a weak start. Earlier, Asian stocks also closed at the lowest point of the day.
Stocks closed lower Friday tracking weak global cues. The BSE Sensex ended 0.7 per cent lower, capping a week of lacklustre trade. The BSE Sensex declined 120 points to 17,158, while the broader Nifty index shed 38 points to 5,205.
Indian markets have been range bound for the past few weeks. The Sensex fell 55 points, while the Nifty shed 50 points this week.
Analysts said unless the government moved swiftly to unleash reforms and quicken the pace of decision making, markets are unlikely to move sharply.
"The range of 5,100-5,350 is likely to hold over the next 2-3 weeks," Shardul Kulkarni, senior technical analyst at Angel Broking told NDTV Profit.
Banking and capital goods stocks saw the biggest cut, falling over 1 per cent. Private lender Kotak Mahindra was the top Nifty loser, falling 2.9 per cent. The stock has been downgraded by some brokerages on account of high valuations. ICICI Bank, India's no 1 private lender, ended 1.6 per cent.
On the Nifty index, 39 of the 50 stocks traded lower. State run power equipment manufacturer BHEL, and drug makers Dr Reddy's and Cipla also shed 2-2.6 per cent.
BHEL and L&T declined despite the Cabinet decision to impose a 5 per cent import duty on power generation equipment. The move is expected to create a level playing field for domestic firms like BHEL and L&T. Shares in L&T, India's biggest engineering and construction firm, declined over 1 per cent.
IT major Infosys was the biggest drag on the Sensex. The stock declined over 1 per cent after the sharp gains yesterday.
Shares in Reliance Industries, India's biggest conglomerate, closed 0.7 per cent lower ahead of the announcement of June quarter earnings. The company is likely to report a decline in net profit for the third straight quarter.
Two-wheeler major Bajaj Auto was the top Sensex gainer, rising over 2.8 per cent, on the back of a string of upgrades post earnings announcement. Asian Paints closed off the day's high as Q1 earnings falling well short of analyst estimates.
Shares in Maruti Suzuki, India's biggest car manufacturer, rebounded over 2.5 per cent after witnessing sharp cut yesterday. Operations at the Manesar plant continue to be suspended post the recent unrest.
European markets extended losses after a weak start. Earlier, Asian stocks also closed at the lowest point of the day.
Stocks closed lower Friday tracking weak global cues. The BSE Sensex ended 0.7 per cent lower, capping a week of lacklustre trade. The BSE Sensex declined 120 points to 17,158, while the broader Nifty index shed 38 points to 5,205.
Indian markets have been range bound for the past few weeks. The Sensex fell 55 points, while the Nifty shed 50 points this week.
Analysts said unless the government moved swiftly to unleash reforms and quicken the pace of decision making, markets are unlikely to move sharply.
"The range of 5,100-5,350 is likely to hold over the next 2-3 weeks," Shardul Kulkarni, senior technical analyst at Angel Broking told NDTV Profit.
Banking and capital goods stocks saw the biggest cut, falling over 1 per cent. Private lender Kotak Mahindra was the top Nifty loser, falling 2.9 per cent. The stock has been downgraded by some brokerages on account of high valuations. ICICI Bank, India's no 1 private lender, ended 1.6 per cent.
On the Nifty index, 39 of the 50 stocks traded lower. State run power equipment manufacturer BHEL, and drug makers Dr Reddy's and Cipla also shed 2-2.6 per cent.
BHEL and L&T declined despite the Cabinet decision to impose a 5 per cent import duty on power generation equipment. The move is expected to create a level playing field for domestic firms like BHEL and L&T. Shares in L&T, India's biggest engineering and construction firm, declined over 1 per cent.
IT major Infosys was the biggest drag on the Sensex. The stock declined over 1 per cent after the sharp gains yesterday.
Shares in Reliance Industries, India's biggest conglomerate, closed 0.7 per cent lower ahead of the announcement of June quarter earnings. The company is likely to report a decline in net profit for the third straight quarter.
Two-wheeler major Bajaj Auto was the top Sensex gainer, rising over 2.8 per cent, on the back of a string of upgrades post earnings announcement. Asian Paints closed off the day's high as Q1 earnings falling well short of analyst estimates.
Shares in Maruti Suzuki, India's biggest car manufacturer, rebounded over 2.5 per cent after witnessing sharp cut yesterday. Operations at the Manesar plant continue to be suspended post the recent unrest.
European markets extended losses after a weak start. Earlier, Asian stocks also closed at the lowest point of the day.
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