New Delhi: The equity benchmark indices on Friday ended lower led by losses in Yes Bank and Vedanta, amid weak global cues. Sensex closed at 38,822.57, falling 167.17 points, or 0.43%, while the broader Nifty ended 58.80 points, or 0.51%, settling at 11,512.40.
However, Sensex and Nifty gained 2% for the week which is the biggest in four months.
"Index closed a week at 11512 with gains of more than 2 percent on weekly basis forming a doji candle pattern on weekly chart hinting indecision in the markets. For coming week index has strong support near 11480-11410 zone if managed to hold above these levels we may see index to march towards immediate hurdle level of 11570-11630 zone. Nifty bank closed a week at 29877 with gains of 3 percent on weekly basis forming doji candle pattern on weekly chart, support for nifty bank is coming near 29700-29500 zone and resistance is coming near 30115-30400 zone," said Rohit Singre, Senior Technical Analyst, LKP Securities.
Vedanta, Yes Bank, IndusInd Bank, Tata Steel and ONGC were the biggest laggard in the Sensex pack, tumbling as much as 5.66%.
On the contrary, Bajaj Finance, Bharti Airtel, ITC, Reliance Industries and Kotak Mahindra Bank were the best performing stocks, advancing as much as 1.61%.
"With the revised tax rate India has become one of the lowest tax rate region in Asia. Nifty is currently trading above 50 and 200 DMA and we believe 11300 will be the support level, 11600 will be good resistance and we may see supply around this level. From derivative point of view, FIIs have doubled their position in Index future during the month so far. The monthly option data suggest that the Nifty range for the month of October will be 11000-11500, however, 12000 call holds a decent open interest making it the next resistance," said Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services.
All the sectors compiled on NSE ended in the red zone with Nifty Metal (-2.64%) taking the pole position. Other losers were Nifty Realty (-2.28%), Pharma (-2.06%), Media (-1.74%) and Auto (1.38%).
Meanwhile, the broader market under-performed with BSE Midcap and Smallcap gauges losing 0.62% and 0.81% respectively.
Yes Bank closed at ₹50 per share touching six-year low after co-founder Rana Kapoor’s family business Yes Capital (India) Pvt. Ltd on Thursday sold a 1.82% promoter group stake for ₹241.52 crore, according to an exchange filing on Thursday. The identity of the buyer is not known.
Globally, the US stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept uncertainty high, while trade comments from China's top diplomat helped to limit losses.
Asian shares were on course for a second straight week of losses on Friday as the release of a whistleblower complaint against US President Donald Trump heightened uncertainties about the global economy, already reeling from Sino-US trade war.