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Facing earnings pinch, Sensex breaks two-week rally to end at 25,607

The BSE Sensex fell about 56 points to trade at 25,547.45 in early trade on Friday on continued selling by participants as the May derivatives series began on a negative note amid a weak trend in the global market.

business Updated: Apr 29, 2016 18:35 IST

Sensex moved sideways for the most part of Friday and changed a little as it ended at 25,607, breaking its two-week winning streak, as muted earnings weighed heavy on gains in oil stocks.

May series derivatives contracts got off to a better start, which contributed to the upside. Pharma, power and PSU stocks stayed in the limelight.

On a weekly basis, the BSE Sensex ended 231.52 points, or 0.89% down, while NSE Nifty fell 49.50 points, or 0.62%.

Selective buying towards the fag end on the first day of the May series of derivatives contracts, mainly helped the key indices close in the positive zone, though with minor upward changes.

After resuming higher, the Sensex swung between gains and losses before settling 3.52 points, or 0.01% higher at 25,606.62 points.

The index had lost 461.02 points in the last session after BOJ took investors by surprise by deciding against fresh stimulus and April F&O expiry.

On similar lines, the broader Nifty ended higher by 2.55 points, or 0.03%, at 7,849.80 after trading between 7,889.05 and 7,788.70.

Brokers said fresh positions built up by participants following beginning of May series in the derivatives segment helped trading sentiment improve.

However, disappointing Q4 earnings by top private lender ICICI Bank came as a spoiler.

ICICI Bank shares ended 1.48% lower after the company on Friday reported 75.97% decline in standalone net profit for the fourth quarter ended March.

HCL Technologies tanked 6.19% after its quarterly show.

Shares of telecom operator Idea Cellular tumbled 6.52% after the company’s net profit declined 39% in the March quarter.

Hong Kong’s Hang Seng fell 1.50% while Shanghai Composite shed 0.25%. Japanese financial markets were closed on Friday for a public holiday.

European markets too slid in early deals as losses in US equities weighed on sentiment.

In the 30-Sensex constituents, Lupin gained the most by surging 1.94%, followed by Cipla (1.89%).

Shares of cement makers such as ACC and Ambuja Cement were back in demand as they gained 0.34% and 0.30% respectively, triggered by an increase in cement sales in the March quarter.

Foreign portfolio investors net bought shares worth Rs 120.63 crore on Thursday, provisional data showed.

In the 30-share Sensex constituents, 17 ended higher and 12 lower, while Hero MotoCorp ended flat.

In the sectoral indices, the BSE realty gained the most by rising 1.18%, followed by power by 0.93%, healthcare by 0.76%, metal 0.51%, oil&gas 0.39% and banking 0.33%.

The mid-cap index ended 0.22% higher but small-cap index shed 0.05%.

First Published: Apr 29, 2016 10:22 IST