Oil and Natural Gas Corp., Tata Motors Ltd., and Titan Co. emerged as the top gainers of the trade on Friday. On the other hand, Wipro Ltd., HDFC Bank Ltd. and Tech Mahindra Ltd. were the worst performers of the Nifty 50 index.
The NSE Nifty 50 and BSE Sensex snapped a two-day winning streak on Friday as private bank stocks declined. The Nifty 50 ended 199.60 points, or 0.83%, down at 23,989.05, and the Sensex ended 784.00 points, or 0.98%, down at 79,159.71. On a weekly basis, the Nifty 50 and Sensex gained 0.80% and 0.67%.
During the session, the Nifty 50 declined 0.88% to the day's low of 23,976.00. The Sensex fell 1.04% to the day's low of 79,109.73.
Gainers
ONGC, the top gainer in the Nifty 50 index, closed 5.2% higher at Rs 258.89 due to surge in trading volume after Jefferies called the stock's recent correction “overdone” and an opportunity to buy. Consolidated earnings should benefit from improved earnings outlook of unit Hindustan Petroleum Corp., the brokerage said.
Tata Motors gained 3% to end at Rs 5,310.75 apiece on the NSE. This comes after the company became one of India's first automakers to receive production incentives for manufacturing electric vehicles.
The Union Ministry of Heavy Industries has approved a total disbursal of Rs 246 crore to the automakers under the production-linked incentive scheme for manufacturing of advanced automotive technology in India.
Losers
On the flip side, Wipro shares plunged 3% to close at Rs 294.45 apiece. Smaller rival Tech Mahindra plunged 2.17% to Rs 1,689.45, while larger peer Tata Consultancy Services Ltd. shares also faced losses.
HDFC Bank fell as much as 2.5% to Rs 1,749.2 on Friday as it formed a potentially bearish V-shaped trend reversal pattern a day prior, according to Bloomberg. The stock's MACD, a technical indicator, indicated a downward trend.
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