Indian markets fell on Friday led by a decline in metal, banking and auto stocks. The Sensex ended down 0.4% at 38,822.57, while the Nifty fell 0.51% to 11,512.40. On a weekly basis, both the Sensex and the Nifty gained 2.1% each, their biggest weekly gains since 26 May.
Today was the first day of the October futures and options (F&O) series and according to analysts, it was likely to remain volatile with key domestic data lined up ahead. Analyst will closely watch the Reserve Bank of India's (RBI) meeting on 4 October. Investors are also awaiting a number of other key events in the coming weeks, including the release of the second half of the FY20 bond supply calendar, the formalization of the RBI’s liquidity management framework and the announcement of a new 10-year benchmark bond.
Indiabulls Group stocks slumped after news report suggested that the Delhi High Court admitted petitions to probe Indiabulls Housing. Indiabulls Real Estate declined 10%, Indiabulls Housing Finance Ltd down 6.4% and Indiabulls Ventures Ltd 16%.
Among the Sensex gainers, Bharti Airtel Ltd rose 2.7%, followed by Bajaj Finance and ITC, which gained 1.6% and 1.3%, respectively.
Among laggards, Vedanta Ltd fell 5.7%, followed by Yes Bank, which fell 4.77% after its co-founder Rana Kapoor’s family business Yes Capital (India) Pvt Ltd on Thursday sold 1.82% promoter group stake for ₹241.52 crore. The total holding of Kapoor and his two family-owned entities—Yes Capital and Morgan Credits Pvt Ltd (MCPL)—came down from 9.64% to 6.89% after MCPL and another Kapoor-group promoter entity sold a combined stake of 2.75% to an undisclosed buyer .
Other losers included Indusind Bank Ltd, which fell 4.77%, followed by Tata Steel and Oil & Natural Gas Corp, which were down 4.3% each.
All secotral indices were trading lower except telecom and fast-moving consumer goods indices. The BSE Metal index was the top loser (down 2.77%), followed by BSE Healthcare and Auto indices, which fell 1.5% each.
Lakshmi Vilas Bank fell 5% after the Economic Offences Wing (EOW) of the Delhi police on Thursday registered a first information report (FIR) against directors of the bank for offences of cheating, criminal breach of trust by the banker, criminal misappropriation and criminal conspiracy.
Strides Pharma fell 8% after the generic drug maker suspended sales of ranitidine tablets in the US market until clarity emerges on next steps to be indicated by the FDA. Solara Active Pharma Sciences declined 4.7%, which gets about 5% of its revenues from the supply of ranitidine API, slumped most in a month after temporarily suspending the production and distribution of the drug ingredient.