Mumbai: India’s benchmark indices climbed marginally, set for a fourth straight record-high close on Friday, as investors shrugged off economic worries ahead of the holiday season.
S&P BSE Sensex, gained 7.62 points or 0.02% to close at 41,681.54. The Nifty 50 index gained 12.1 points or 0.1% to close at 12,271.80. Gains were muted as investors turned jittery at the fag end of the session on macroeconomic concerns after Fitch Ratings cut India's GDP growth forecast for 2019-20, traders said.
Foreign investors have pumped $13.8 billion into India’s stocks this year, the biggest inflows since 2014 and driving most of the Sensex’s 16% gain, even as economic growth lingers at a six-year low.
Asian markets were trading mixed. Japan's Nikkei225 index lost 0.2%, Hong Kong's Hang Seng index gained 0.25%, China's Shanghai Composite index lost 0.4% and Korea's KOSPI index gained 0.35%.
Back home, BSE Midcap index gained 0.15% While BSE Smallcap lost 0.03%. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,273 shares rose and 1,243 shares fell. A total of 168 shares were unchanged.
Among sectoral indices, BSE Consumer Durables was the biggest gainer with 1.2% followed by BSE Telecom with 0.92% and BSE Realty gained 0.63%. However, BSE Healthcare lost 0.42%.
Shares of Mahindra & Mahindra fell 0.86% to close at ₹530.45 after it said Anand Mahindra will step down as Executive Chairman from 1 April, 2020. According to a filing to the exchange on Friday, Anand Mahindra with effect from 1 April, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra & Mahindra. This is in accordance with the SEBI guidelines. Pawan Goenka will be re-designated as Managing Director and Chief Executive Officer from 1 April.
Titan Company rose 3.64% to close at ₹1201.95 after Titan Global Retail LLC, Dubai, has been incorporated as a subsidiary company of Titan Holdings International FZCO, Dubai, which in turn is a wholly owned subsidiary of the Company.
Lemon Tree Hotels went up 3.66% to close at ₹62.35 after it opened its first international hotel in Dubai under the Company's brand Lemon Tree Hotel. The hotel features 114 well-appointed rooms, complemented by a multi-cuisine restaurant.
Shares of YES Bank rose nearly 2% to ₹50.8 despite being downgraded by rating agencies.India Ratings and Research (Ind-Ra) has downgraded YES Bank’s Long-Term Issuer Rating from “A+" to “A", owing to inadequate and slow equity infusion.
Shares of Dishman Carbogen Amcis slumped 8.67% to hit a 52-week low of ₹104 after the Income Tax Department conducted day-long 'search and survey operation' at the properties of the pharma major. The stock has thus fallen below its previous low of ₹110 on 25 October, 2019.
ABB India shares dipped 4.71% to close at ₹1,266.40 after the stock turned ex-date for determining the names of the equity shareholders of the Company to whom equity shares of ABB Power Products and Systems India Limited, would be issued and allotted.
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