Sensex, Nifty post second straight weekly loss, Reliance, HDFC Bank gain | business-news | Hindustan Times
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Sensex, Nifty post second straight weekly loss, Reliance, HDFC Bank gain

The Nifty lost 0.34% for the week while Sensex was down 0.33%.

business Updated: Apr 21, 2017 16:07 IST
Sensex

(Reuters photo)

Indian shares ended lower in a volatile trading session on Friday, ahead of the expiry of futures and options contracts next week, with indexes posting their second straight weekly loss.

The broader Nifty closed down 0.19% at 9,119.40, losing 0.34% for the week.

The benchmark Sensex ended 0.19% lower at 29,365.30, down 0.33% for the week.

HDFC Bank Ltd rose as much as 2.52% to a record high after reporting a slightly better-than-expected 18.3% rise in quarterly profit.

Small and midcap stocks hit record highs, with the Nifty Smallcap 100 index climbing as much as 1.1% and the Nifty Midcap 100 index up as much as 0.6%.

Value picking by investors was seen as an indication of confidence in the outlook for equities given the prospects of an improving economy, even as bonds fell after minutes released on Thursday from a policy meeting by the Reserve Bank of India earlier this month were seen as hawkish on inflation.

Sentiment was also boosted as regional markets gained, lifted by bets on strong U.S. earnings and tax reform.

“The market refuses to go down and we see buying coming in,” said Gaurang Shah, vice president of Geojit Financial Services.

The broader NSE Nifty was up 0.21% at 9,155.75 by 0626 GMT, while the benchmark BSE index was 0.22% higher at 29,485.82.

Tech Mahindra Ltd was up 2%, rising for a second straight day, while Axis Bank Ltd climbed 1.6% after suffering heavy losses in the previous session.

Reliance Industries Ltd rose as much as 3.17% and was the biggest gainer on the NSE index, after the company commissioned a project to produce paraxylene at Jamnagar in Gujarat.

HDFC Bank Ltd was little changed ahead of the release of quarterly results later in the day, while ACC Ltd dropped 1%.

Max Financial Services Ltd fell as much as 3.99% after a term sheet seen by Reuters indicated Goldman Sachs would sell an up to 3.74% stake in the company.