Closing Bell:
The Indian stock markets closed little changed but gained for the third straight week led by a rally in bank stocks. The Sensex ended the little changed at 27,238 but advanced 1.9% for the week, While Nifty climb nearly 1.9% for the week, the 50-share index failed to hold on to the 8,450-mark.
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The domestic markets were trading down, led by losses in shares of IT firms, while pharmaceutical companies' stocks rebounded.
At 3:08 PM, the BSE Sensex is trading higher by six points at 27,254, while the Nifty50 slipped by mere one points at 8,406 mark.
The BSE Mid-cap Index was up by 0.11% at 12,656, whereas BSE Small-cap Index was up by 0.08% at 12,696.
Axis Bank, HDFC, Aurobindo Pharma, GAIL and Sun Pharma were among the gainers, whereas TCS, Infosys, Hindalco, Idea Cellular and Infratel were among those losing sheen on NSE.
A total of 36 stocks registered a fresh 52-week high in trade today, while seven stocks touched a new 52-week low on the NSE.
Out of 1,908 stocks traded on the NSE, 859 declined,698 advanced and 351 remained unchanged today.
Some buying was observed in pharma, FMCG, banking and financial services sectors, while IT, realty, auto, metal and media stocks are showed weakness on NSE.
The INDIA VIX was down 1.5% at 14.39. On the sectoral front, Pharma stocks rebounded after declining on Thursday, post US president-elect Donald Trump's plans to make companies bid forgovernment projects. Lupin, Sun Pharmaceuticals Industries, and Aurobindo Pharma rose 1-2%. The Nifty Pharma index was up 0.4% at 10,445 points.
IT has tumbled badly, dragged down by TCS and Infosys plunging 3.3% and 2.1% respectively, post results' announcement. Auto follows with 0.9% downside, dragged down by the falling Tyre stocks.
On the other hand, the Financial Services sector remains up with 0.6% gains driven by Axis Bank and HDFC. Apart from Axis Bank and HDFC, GAIL and Auro Pharma are the top gainers; while TCS, Infosys, Hindalco and Tata Motors are the top losers for the Nifty.
SpiceJet hit their highest level in a month after company said its purchase of 205 planes from Boeing Co will not add to their debt. The airliner's stock was up 3%.
While shares of Infosys wiped the gains due to mixed Oct-Dec earnings, those of TCS were down 2% as changes at the top management and headwinds for the sector led to concern about growth.
GAIL is up by more than 2.15 % along with ONGC which is up by 2.01%. Reliance Industries is up by 0.82% trading at Rs 1092 per share. The other stock that is supporting the market in the first hour is HDFC, Coal India and Axis Bank.
Electrosteel Castings is having a good day on the Street. The stock of the company has opened in green; and as at 10.35 am is trading with gains of 5%. It has witnessed a spurt in volumes by more than 1.83 times.
The stock has witnessed a significant movement as the Government of India has granted a mining lease of 192.5 hectare in Jharkhand.
In the last one year, the stock has given a return of 14.93%. Currently, it is trading with a P/E of 11.64. On an annualised basis, in the last three years the stock has given a return of 20.21%.
Bank Nifty had closed on a positive note for the last seven consecutive trading sessions. In Friday’s session, Bank Nifty opened at 18949.70, up by 75.75 points or 0.4%. The index is currently trading in red at 18813.40, down by 60.55 points or 0.32%.
These 2 stocks have somehow bucked the trend and are trading in the green.
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