Sensex slips…weak end to a winning week

The Indian markets snapped its longest winning streak in over 10-months on Friday. After surging for seven straight trading sessions markets ended in the red on account of subdued cues from the US and the Asian markets.



As expected the Reliance group stocks were in limelight ahead of the Reliance Industries AGM. However, they witnessed offloading and markets came off their intra-day high. Investors seemed to be disappointed with Mukesh Ambani’s speech at the company’s 36th AGM today. He didn’t make the kind of announcement that the market had been speculating in the wake of the truce between the two Ambani brothers.

Apart from the R-Group, the metals, oil & gas and the auto stocks were under pressure even the mid-cap and the small-cap stocks saw some offloading.

"A healthy upswing and subdued cues from the international equity markets instigated the traders and investors to book some profits", says Amar Ambani Vice President Research IIFL.

The BSE 30-share Sensex slipped 73 points to close at 17,544 and NSE Nifty fell 12 points and ended at 5,263.

Markets in Asia ended mixed; the Nikkei in Japan ended flat, Australia's S&P/ASX ended higher by 0.5%, while the Hang Seng index in Hong Kong added 0.7% and Shanghai index in China edged higher by 0.3%.

European indices were trading mixed as well, the DAX in Germany was down 0.2%, the CAC 40 index in France was down 0.4% and the FTSE in the UK was flat.

Among the BSE sectoral indices, BSE Metal index was the top loser, down 1.3% followed by BSE Oil & Gas index, it was down 1.2% and BSE Realty index down 0.8%. Even the BSE Mid-Cap index and the BSE Small-Cap index lost 0.6% each.

Outside the frontline indices, the big losers in the broader market were Bosch, M&M Fin, GTL Infra, TTML and GVK Power. On the other hand, gainers included JP Hydro, Moser Baer, Financial Tech and Max India.