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Sensex, Nifty register worst fall in six weeks ahead of Q4 earnings; TCS top loser

The headline indices hit their worst weekly fall in six due to profit-taking in recent outperformers while investors took a pause before a busy week of corporate results.

BT Online | April 11, 2016 | Updated 09:14 IST
Market breadth turned positive with 16 of the 30 Sensex components ending the day in red. Photo: Reuters

In a thin trading session, the S&P BSE Sensex on Friday ended flat below its crucial psychological level of 25,000, while broader CNX Nifty managed to settle above its key 7,550-mark.

The headline indices hit their worst weekly fall in six due to profit-taking in recent outperformers while investors took a pause before a busy week of corporate results.

The 30-share index ended the day at 24,673, down 11.58 points, while broad-based 50-share index quoted 7,555, up 8.75 points at close.

Market breadth turned positive with 16 of the 30 Sensex components ending the day in red.

Daily stock trading volume was weak with bond and currency markets closed for a public holiday. The NSE index saw only about a quarter of the 30-day average volume in the first four hours of trading.

The next key trigger will be January-March results starting next week, said traders, adding that margins were expected to be muted on sluggish global and domestic demand.

Next week, cement makers ACC and Ambuja Cements, and software services provider Infosys are due to report their quarterly results.

"Today being the last day of the week and with currency and bond markets shut, not much trading activity is expected," said K K Mital, head-portfolio management services at Globe Capital Market.

"Earnings report next week would determine the trend but we don't expect any major correction from hereon."

TCS was the worst performing stock on Sensex and lost 1.7 per cent on the BSE.

Recent underperformers led the gains, with ICICI Bank and State Bank of India up 0.7 per cent each.

The S&P BSE Bankex index was up 0.21 per cent after the newly-formed bank bureau board met for the first time on Friday and discussed issues including capital infusion, merger of weak banks with strong ones.

Reliance Communications ended flat after hitting two-month low as Moody's downgraded the telecoms company's ratings to "negative" from "stable", citing persistent delays in non-core assets sales.

Private sector crude oil producer Cairn India declined 1.43 per cent after London-listed Cairn Energy, which holds about 10 pct stake in the Indian company, called an annual general meeting to dispose of or reduce its stake.

Among Asian markets, Japan's Nikkei added 0.46 per cent, while Hong Kong's Hang Seng index gained 0.51 per cent. China's Shanghai Composite bucked the trend to shed 0.78 per cent.

(With inputs from Reuters)

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