Domestic stock markets, finished the last session of the holiday-shortened week on a lower note amid weakness in Asian peers.
The Sensex ended 79 points or 0.2 per cent lower at 35,158, while the Nifty finished at 10,585, down 13 points from the previous close. Declines in IT, energy and metal stocks pulled the markets lower, however the benchmark indices pared most of the day’s losses by pharma stocks.
Things to know:
1) Top laggards on the 50-scrip index were Bharti Airtel, Infosys, Hindalco Industries, Dr Reddy’s and GAIL, closing around 2-3 per cent lower.
In broader Asia, stocks pulled back from one-month high as the Federal Reserve appeared poised to deliver another interest rate hike next month.
“We don’t have much of a positivity from Asia…volatility is also slightly up, being the last working day of the week,”reported , chief market strategist at Geojit Financial Services, as saying.
Shares in telecom major Bharti Airtel closed 2.9 per cent lower, a day after rating agency Moody’s placed the company’s credit rating on review for downgrade citing low levels of profitability and expectations of weak cash flow.
The Sensex finished the week with a gain of 146 points (0.4 per cent).>