Equity markets ended sharply lower on Friday snapping their five-day winning streak. The Sensex settled at 37,869.23, down by 155.14 points, or 0.41 percent lower, while the Nifty closed at 11,429.50, declinnig 0.36 percent or by 41.20 points.

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The silver lining is that Nifty still holds 11,400 mark, while the Sensex has remained positive for the whole week. Nifty Bank fell by 196 points, with the SBI alone contributing 106 points to the downside. Among other sectoral indices, Nifty PSU Bank lost four percent.

Overall market breadth remains in favour of declines with the advance-decline ratio at 1:2. Only four Nifty Bank stocks closed in the green with Kotak Mahindra Bank as the top gainer. Eicher Motors surged 5.7 percent on strong first quarter earnings.

Oil makreting companies, IOC, BPCL, HPCL, gain in the last hour to close above their 50 day moving average. Tata Motors fell after JLR reports multi-year low retail sales.

Overall, the Sensex gained 0.8 percent for the week, Nifty by 0.4 percent and Nifty Bank 1.5 percent for the week.

(Market update as of 3.50 pm)

Markets retreat from record highs; SBI falls ahead of Q1 results

Indian equity benchmark indexes retreated from record highs and continued to trade weak on Friday due to profit booking and weak Asian cues.

The BSE Sensex traded 137 points lower, or by 0.36 percent, to 37,887 at 11.47 am, while the NSE Nifty 50 was trading at 11,428, down by 42.30 points, or 0.37 percent. The Sensex had gained 358.57 points in the previous two sessions.

Both midcaps trade lower with the Nifty MidCap edging down by 0.13 percent and the BSE MidCap by 0.37 percent.

Barring Auto and Realty, all sectoral indices on the NSE traded in the red. PSU Bank and Metal were under maximum pressure, trading lower by 2.22 percent and 1.34 percent, respectively.

Nifty Bank has declined by 0.40 percent. BSE Metal lost by 1.25 percent and except Realty, Consumer Durables, Auto, Consumer Discretionary, all sectoral indices were lower or flat.

Sun Pharma, SBI, Tata Motors, Coal India, ICICI Bank, Idea Cellular's shares were among the top laggards traded lower by 3.28 percent, while Yes Bank, Mahindra & Mahindra, Bharti Airtel, Asian Paints, Hero MotoCorp rose by up to 1.80 percent.

SBI traded lower ahead of its June quarter earnings later in the day, also affecting other PSU bank stocks, as caution prevails. The street will closely track gross non-performing assets of the largest public sector bank on Friday.

Apart from SBI, weakness in index heavyweight shares such as Reliance Industries and HDFC twins also pulled indexes lower.

The rupee was also trading to an over two-week low at 68.92 against the US dollar.

Asian stocks were lower with Hong Kong's Hang Seng down by 0.46 per cent and Japan's Nikkei lower by 0.76 per cent.

First Published:Aug 10, 2018 12:12 PM IST