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Indian equity benchmark indices, after opening sharply higher on Friday morning tracking relief rally in the US markets overnight, erased all intraday gains and ended moderately lower.
The 30-scrip S&P BSE Sensex fell more than 600 points from day’s high to end 49 points lower at 55,769.23, and the broader Nifty50 shed 44 points to 16,584.
Index heavyweight Reliance Industries and IT stocks were the major gainers, while UltratTech Cement shed as much as 5 percent.
The Nifty Midcap 100 and Smallcap 100 indices have fallen 1.6 percent and 0.86 percent respectively. About two shares declined for every share rising on the NSE.
Specialty company Aether Industries listed at Rs 706, a 10 per cent premium over its issue price of Rs 642, on the BSE. The stock soon after hit the upper circuit, surging over 20 per cent.
Shares of Reliance Industries Limited (RIL) gained over 3 percent on Friday after Castrol India Limited partnered with Reliance Jio-bp to sell lubricants in India amid buzz about the company’s intentions to enter the electric vehicle (EV) charging business. (Read more here
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Cement stocks such as ACC, Shree Cement, JK Lakshmi Cement, JK Cement, Ambuja Cements and Ramco Cements slumped around 2-6 percent after UltraTech Cement announced its expansion plan which sparked concerns of further increase in competition. Fear of consolidation in the cement industry also weighed on the sentiment for cement stocks. (Read here)
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