Sensex, Nifty give up early gains
The benchmark S&P BSE Sensex fell 0.05% to close at 38,963.26, while the NSE Nifty 50 index declined 0.11% to end at 11,712.25 pointsIT stocks fell for the second session after the rupee strengthened
MUMBAI : Indian equities closed flat on Friday after benchmark indices gave up all their gains in the final hour of trading. Investors are now focusing on Friday’s release of US payrolls data, which is expected to show a tight labour market that is pressuring firms to boost wages. The other key area of attention will be US-China trade talk developments.
The benchmark S&P BSE Sensex fell 0.05% to close at 38,963.26, while the NSE Nifty 50 index declined 0.11% to end at 11,712.25 points.
"The market started on a positive note supported by a strong rupee and fall in oil prices. However, gains are capped due to the premium valuation. The fall in the 10-year gilt yield led the bank index to outperform. The market is likely to remain range-bound due to weak global cues while better quarter results may provide an opportunity to accumulate," said Vinod Nair, head of research, Geojit Financial Services Ltd.
In the coming week, brokerage firm Choice Broking expects the market trend to be driven by stock specific movements as a result of the ongoing earnings season, US payrolls data, the number of Federal Reserve speeches and volatility in crude oil prices.
Net income at 11 of the 15 Nifty companies that have reported results so far have either beaten or matched analyst estimates, data compiled by Bloomberg showed.
US non-farm payrolls are expected to have added 190,000 jobs in April, according to a Bloomberg survey, compared with an increase of 196,000 in March
IT stocks fell for the second session after the rupee strengthened. Tata Consultancy Services Ltd fell 3.7%, HCL Technologies Ltd 1.4%, Infosys Ltd 0.8% and Wipro Ltd 0.9%.
Hindustan Unilever Ltd fell 2% ahead of its March quarter results. According to Bloomberg analyst estimates, the company is expected to post a profit of ₹1.610.80 crore while net sales will be ₹10,001.30 crore.
(Bloomberg contributed to this story)
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