Closing Bell: Sensex ends flat, Nifty
fails to hold 11,700 on Day 1 of September series
A weak
rupee, higher crude oil prices along with selloff in midcaps were one of the
major reasons behind the downtrend on the market. The Indian currency fell to
an all-time, historic low of 71 to the US dollar, before settling around 70.88
to the dollar at the time of equity markets coming to a close.
Banks
were the major laggards on Friday, led by losses in names such as Yes Bank.
Another index heavyweight, Reliance Industries, fell around 3 percent, managed
to weigh on equity benchmarks. The Bank Nifty was largely lower through the
day, along with weakness among metals, auto and energy names. Traditional
defensives, IT and pharmaceuticals were the major gainers through the session.
However, last hour buying also helped PSU banks end in the green.
At the
close of market hours, the Sensex closed down 45.03 points or 0.12% at
38645.07, while the Nifty was lower by 2.10 points or 0.02% at 11674.70. The
market breadth is positive 1,423 shares advanced, against a decline of 1,234
shares, while 193 shares were unchanged.
HEADLINES OF THE DAY
JSW Energy vs. Tatas war
intensifies over Prayagraj Power offer
Lupin gets USFDA nod for
generic potassium chloride solution
Trump is said to back
$200 bn China tariffs next week
The crucial resistance
for Nifty spot is now seen at 11760 and above this 11860. Support for the
immediate term is now placed at 11620 next support will be 11550.
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