Picture used for illustrative purpose. File
Indian shares gave up early gains to end lower on Friday as banking stocks fell in afternoon trading, with HDFC Bank closing at a month's low, although a jump in pharma stocks capped losses on the Nifty.
The blue-chip NSE Nifty 50 index closed 0.1% lower at 11,504.95, while the benchmark S&P BSE Sensex, which has fewer pharma components, ended down 0.34% at 38,845.82.
The Nifty ended the week 0.4% higher, while the Sensex closed a tad lower.
The Nifty Bank Index finished 1.3% lower at its worst closing level in a month, capping its third straight week of losses, dragged by a 2.4% slide in top private-sector lender HDFC Bank.
The Nifty Pharma index clocked its best day since Aug. 10, closing up 5%, as drugmaker Dr.Reddy's Laboratories Ltd added 10.5% to close at a record high.
The pharmaceutical firm settled a patent litigation with U.S. drugmaker Bristol-Myers Squibb Co over the cancer treatment Revlimid, prompting analyst upgrades to its stock.
Drugmakers Lupin Ltd and Cipla Ltd jumped 4.7% and 7.3%, respectively, after U.S.-listed Perrigo Company Plc issued a U.S. nationwide recall of its albuterol sulfate inhalation aerosol product due to complaints of clogging issues.
Cipla and Lupin have their own versions of the aerosol product approved by the U.S. FDA.
Investor sentiment in broader markets was also tepid on worries over a resurgence in coronavirus cases and disappointment that central banks merely affirmed their monetary support this week, without promising new stimulus.
The blue-chip NSE Nifty 50 index closed 1.52% higher at 11,449.25, while the benchmark S&P BSE Sensex closed up 1.69% at 38,840.32. Mukesh Ambani-led Reliance closed 7.1% higher.
The broader NSE Nifty 50 index rose 0.72% to 10,882.15 and the S&P BSE Sensex climbed 0.7% to 36,809 by 0458 GMT, after falling for six straight sessions.
Indian economy is likely to swell to $5 trillion mark ahead of its target of 2024 despite huge challenges and global trends. This was stated by T.N. Manoharan, non-executive chairman of India’s Canara Bank recently in Dubai,
Adding to the persisting concerns of a weakening economy, an IHS Markit report said that business sentiment in the country in June fell to the lowest level since 2016 as companies are worried over a subdued economy, government policies, regulation and water shortages.
The US economy grew at a record pace in the third quarter as the government injected more than $3 trillion worth of pandemic relief which fueled consumer spending, but the deep scars from the COVID-19 recession could take a year or more to heal.
Aircraft manufacturers are hit by the devastating impact of the coronavirus pandemic on the aviation industry. The number of global commercial aircraft orders was zero during the month of September.
Peugeot manufacturer PSA Group returned to revenue growth in its core autos division in the third quarter, recovering from a slump during coronavirus lockdowns, though the prospect of new restrictions hit French shares.
The Bank of Japan (BOJ) trimmed its economic growth and inflation forecasts for the current fiscal year (2020-21) on Thursday but offered a more upbeat view on the recovery outlook, signalling that it has delivered enough stimulus for the time being.