Sensex, Nifty Edge Lower, But Register Weekly Gain: 10 Points

Domestic stock markets concluded Friday's choppy trading session on a lower note, breaking their rising spree in the past four sessions. BSE benchmark index Sensex shed 84 points to close at 38,251, while the NSE Nifty settled 25 points lower at 11,557. Banking stocks dragged the markets lower while weakness in global markets affected trading sentiment. Top laggards on the 50-scrip Nifty index were Yes Bank, ICICI Bank, Hero MotoCorp, Titan Company and Adani Ports, closing with losses of between 1.7 per cent and 3.7 per cent. However, the Sensex and Nifty registered weekly gains of 303 points and 86 points respectively. The key indices had hit record highs eight times this month.

Here are 10 things to know:

1. The Nifty Bank - the NSE's sectoral index comprising banking stocks - closed 0.7 per cent lower. SBI, Bank of Baroda and ICICI Bank ended around 0.6-1.9 per cent lower.

2. Lacklustre trade in domestic markets was in line with global peers. World stocks came under pressure as new tariffs took effect in the US-China trade war and markets speculated about US President Donald Trump's position following legal rulings against two former advisers.

3. "The trade-talk between US and China ended without any conclusion and the US President's statement in reaction to his renewed legal issues dampened the sentiment. Besides, overbought condition on local front further induced participants to book some profit of the table," said Jayant Manglik, president, Religare Broking.

4. The Nifty IT declined 0.4 per cent, taking a breather after two days of gains led by weakness in the rupee. A fall in the rupee against the US dollar boosts profitability of exporters such as IT and pharma companies.

5. "We suggest keeping close watch on global developments for further cues, in absence of any major domestic event. We may see further profit taking ahead with uptick in volatility, thanks to upcoming derivatives expiry," Mr Manglik added.

6. However, gains in metal stocks curbed the downside. The Nifty Metal finished 1.9 per cent higher, led by JSW Steel, Vedanta, Hindustan Zinc and Welspun Corp which rose 2.4-5 per cent.

7. Heavyweight Reliance Industries closed with a mild gain of 0.6 per cent, a day after crossing the Rs 8 lakh crore mark in terms of market capitalisation (M-Cap). ONGC and Indian Oil closed 1.6 per cent and 0.7 per cent higher respectively.

8. Fund inflows also provided support to the markets. Net purchases of equities were at Rs 142 crore by domestic institutional investors (DIIs) on Thursday, and Rs 433.21 crore by foreign institutional investors (FIIs), provisional data from the NSE showed.

9. The Sensex and Nifty registered their fifth weekly gain in a row.

10. Meanwhile, the rupee gained as much as 5 paise against the US dollar in intraday trade to touch 70.06.

(With agency inputs)