Indian shares trimmed early losses to end flat on Friday as gains in IT stocks and index heavyweight Reliance Industries capped the losses. RIL hit another record high in intraday-deals and settled over 4 percent higher for the day while losses in financials heavyweights ICICI Bank, HDFC Bank, HDFC, Axis Bank and Kotak Bank kept the index in the red.

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The Sensex ended 11 points lower at 38,129 while the Nifty fell 21 points to 11,194. However, for the week, both the indices were up over 2.5 percent.

The combined market capitalisation of Reliance Industries' (RIL) fully paid shares and partly paid shares crossed Rs 14 lakh crore on Friday. RIL is the first Indian company to hit Rs 14 lakh crore in market cap, 75 percent above the m-cap of the second most valued company, TCS.

The sentiment was also affected as global shares skidded further from five-month peaks amid the ongoing Sino-US tensions, while gold approached a record high. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.9 percent. Tokyo was closed for a holiday, but Nikkei futures were trading 1 percent lower.

Back home, IT stocks also helped limit the losses with HCL Tech, Tech Mahindra, and Infosys up 1.5-5 percent. The Nifty IT index rose 1.5 percent and was the only sector positive for the day.

Meanwhile, the Metal index shed the most, down over 2 percent, while Nifty Bank and Nifty Fin Services fell 1.8 percent each. Nifty Auto also lost over 1 prcent and the pharma index pared morning gains to settle 0.8 percent lower for the day.

On the Nifty50 index, RIL, HCL Tech, Tech Mahindra, Sun Pharma, and IndusInd Bank were the top gainers, whereas Zee, Hindalco, Axis Bank, SBI, and GAIL fell the most.

Among individual stocks, PNB Housing Finance hit upper circuit for the second consecutive session, rising 5 percent after the NBFC reported stable earnings in the June quarter. The stock has surged as much as 10 percent in two sessions to Rs 220.75 per share on the BSE.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Jul 24, 2020 3:36 PM IST