Nifty Closes Below 7K
The stock market on Friday closed flat with BSE 34.29 points higher at 22,986.12 and Nifty 4.60 points up at 6,980.95. BSE closed below the 23K-level while Nifty below the 7,000-mark.
The stock markets on the last trading day of the week were marked by a volatile trade with the benchmark BSE Sensex and Nifty drifting back and forth in red and green during the day.
Hit by slowdown in global markets, including in the European markets; and weak Q3 of Indian firms, led by the banking and automobile sector, is said to have taken a toll on the Indian stock exchanges. A week-long Lunar New Year holiday in the Chinese markets along with the US Fed uncertainty also added to the pressure. Finance Minister Arun Jaitley on Friday said major sell-off in global markets created a chain reaction impacting the markets world over including in India.
Despite recovering from the four-day losing streak at close, the markets logged the biggest weekly fall since July 2009.
Top gainers: Tata Motors turned out to be the top gainer with its stocks rising 8.34 per cent in an otherwise uneventful trade.
Top losers: The losses were many with oil and gas and capital stocks taking the worst hit. BHEL lost over 13 per cent in stock value on Friday.
Here’s how the stock markets flip-flopped on Friday:
The benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex) opened above the 23K-level at the start of the trade.
The markets soon shed its early gains to trade in deep red in noon trade with BSE losing over 100 points.
In the afternoon session, the BSE and the wider 50-scrip Nifty of the National Stock Exchange (NSE) returned to green on value-buying of blue chip stocks.
Towards the close of the markets, BSE and Nifty traded flat with the both the indices in red.
The stock market closed flat, in the green, BSE 34.29 points higher at 22,986.12 in volatile trade. Nifty inched up by 4.60 points to 6,980.95 at close