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Indian equity markets failed to sustain the momentum of the last two trading sessions, ending with losses not only for the day, but also for the week.
The S&P BSE Sensex ended 1.68 percent lower at 31,327. For the week, the index was down 0.8 percent, its first weekly drop after gaining for back-to-back weeks for the first time in two months.
The NSE Nifty 50 too ended below the 9,200 mark at 9,154, down 1.7 percent. The index shed 1.5 percent for the week as well.
Largecap private banks were the principal laggards in today's trading session. HDFC Bank, ICICI Bank, Axis Bank were among the top contributors to the index downside.
Among sectoral indices, Nifty Pharma was the only sectoral gainer, ending 1.4 percent higher. Nifty Realty was the top sectoral laggard, ending with losses of over 4 percent while the Nifty Bank, PSU Banking and the media index fell over 3 percent.
Market breadth was adverse with 1,247 stocks on the NSE ending with losses while 558 managed to hold on to gains.
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The currency snapped a two-day gaining streak in today's trading session and as a result, posted its fourth consecutive weekly loss.
The rupee ended at 76.45 against the U.S. Dollar, as compared to Thursday's close of 76.07. For the week, the currency posted losses of 0.1 percent. The currency declined in three out of the five sessions this week.
Yield on the 10-year bond ended the trading day at 6.167 percent after opening at 6.05 percent this morning.
Here's a look at how benchmark indices across Europe are faring:
Market regulator SEBI has provided an extension of another 15 days from the end of the lockdown due to Covid-19 to dispatch the letter of offer and tender form for the company's share buyback.
The company had earlier informed on March 27 that SEBI had provided an extension till April 30 for completion of the same.
Shares are off the day's low after falling as much as 8 percent to Rs 1,084. NIIT Tech is supposed to buyback 19.56 lakh shares at a price of Rs 1,725.
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Nestle India's parent company Nestle S.A. reported a 4.3 percent growth in its organic revenue for the quarter. This is higher than the 3 percent estimate projected by analysts
The FMCG major has also maintained its guidance for 2020, at a time when most companies have suspended giving guidance due to Covid-19 uncertainties. Unilever Plc also suspended its guidance for the year on Thursday.
The company continues to see improvement in organic sales growth, even as pricing saw a decline of 0.4 percent.
Shares of its Indian subsidiary Nestle India recovered from the day's low to surge as much as 1.9 percent to Rs 17,769.
The Ahmedabad bench of the National Company Law Tribunal has approved the Scheme of Arrangement of demerging the company's oil and gas business into Deep CH4 Ltd. and restructure its equity share capital.
The order will be binding on all stakeholders once it gets a sanction from the Register of Companies, Gujarat, the company said in a press statement.
Shares have cooled off after gaining as much as 9.5 percent to Rs 71.
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Shares of the auto component manufacturer fell as much as 5.6 percent to Rs 77.65 after its fourth quarter earnings.
The company's topline fell 23.5 percent compared to last year to Rs 1,663 crore. A forex loss of Rs 45.4 crore impacted the company's profitability which fell 86 percent compared to last year.
The company mentioned in its investor presentation that the Covid-19 pandemic in Germany and Spain impacted volumes by 10 percent. It also expects sales in April to be close to zero in all regions with uncertainty persisting for May and June.
The company has informed the exchanges that the U.S. FDA has approved the ANDA filed by its wholly-owned foreign subsidiary for Trospium Chloride Extended-Release Capsules.
The said drug is used in the treatment of overactive bladder (OAB), as per the company's exchange filing. The notice added that the company now has 26 ANDA approvals from the U.S. FDA.
Shares rose as much as 5.8 percent to Rs 169.90 and are up for the third straight day.
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Indian markets are taking a breather this Friday morning after two days of gains. Benchmark indices have opened lower tracking weak cues from across the globe.
The S&P BSE Sensex opened 1.37 percent lower at 31,426 while the NSE Nifty 50 index shed 150 points to open at 9,163, lower by 1.6 percent.
HDFC Twins and ICICI Bank along with Reliance Industries were the stocks that dragged benchmarks lower.
Among Sectoral Indices, the Nifty Bank was the top loser, opening with losses of 2.8 percent. Other indices opened flat or with a negative bias. The Nifty PSU Bank and Realty Index opened 1.5 percent lower respectively.
518 stocks have opened the trading day with gains while 895 are reporting losses.
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