Markets see muted trend for 3rd day
Indian equity benchmarks ended subdued for the third straight session on Friday due to weakening global sentiment, but registered gains for fifth...
Mumbai: Indian equity benchmarks ended subdued for the third straight session on Friday due to weakening global sentiment, but registered gains for fifth straight month, the longest monthly rally since August 2016.
On a weekly basis, both key indices Sensex and Nifty recorded their sixth straight week of gains by rising 393.27 points or 1.02 per cent, and 123.40 points or 1.07 per cent, respectively. The 30-share Sensex fell over 45 points, extending third session of loss, as the September series derivatives contracts started on a somewhat weak note amid the rupee hitting the 71-mark for the first time ever.
The NSE Nifty, however, edged slightly higher by 3.70 points. Muted global trend after a report that US President Donald Trump was preparing to impose more tariffs on China hurt trading sentiments here. The rupee crashed to a record low of 71 per dollar intra-day, tracking weakness in almost all other Asian peers following the latest round of US-China trade tensions and robust month-end demand for the American currency from oil importers.
Further, a general caution prevailed in the market on Friday with all eyes on GDP data for April-June. The Sensex moved in the range of 38,838.45 and 38,562.21 before settling down at 38,645.07. The broader NSE Nifty managed to end with a small gain of 3.70 points, or 0.03 per cent, at 11,680.50.
Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 1,598.67 crore, while foreign portfolio investors (FPIs) bought equities worth Rs 958.01 crore on Thursday, as per provisional data. Market participants have constantly been cautious this week as the rupee continued its slide to hit its new life-time low and breached the 71-mark (intra-day) first time ever on Friday tracking weakness in most Asian currencies against the US dollar.