Sensex, Nifty trade firm PSU banks weak; SBI dips 1.4%


Benchmarks benefited from value buying in beaten-down stocks and a firm trend in overseas markets as fears of a global trade war eased after the White House signalled it would water down plans for contentious metal tariffs, brokers said.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,465.05 points, traded at 33,437.80 points - up 86.23 points or 0.26 per cent from the previous session's close.

Market breadth was negative with 640 advances against 501 declines.

"Markets continued to trade lower even though economy growth numbers been positive".

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On concerns regarding the possibility of global trade wars impacting India, Mr Choksey noted that India imports more than what it exports and we have fair trade equation with both U.S. and the European Union.

The domestic indices were trading in range on Friday taking cues from their Asian counterparts. The MSCI All-Country World index, which tracks shares in 47 countries, was 0.1 per cent higher and set for a weekly gain of nearly 2 per cent.

Domestic institutional investors bought shares worth a net Rs 675.26 crore, while foreign portfolio investors sold shares worth a net Rs 364.80 crore yesterday, provisional data showed.

Vinod Nair Head Of Research at Geojit Financial Services, said: "Market continued to be under pressure on concerns impending global trade war, extension of PSU NPA (non-performing assets) worries and rise in bond yields".

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On the currency front, the rupee closed flat at 65.17 against the United States dollar.

Sectorwise, the S&P BSE banking index augmented by 389.41 points, auto index by 220.70 points and capital goods index by 203.84 points.

Major Sensex gainers on Friday were: HDFC, up 1.17 per cent at Rs 1,818.45; Tata Consultancy Services, up 1.10 per cent at Rs 3,034.50; Infosys, up 0.58 per cent at Rs 1,163.40; Hindustan Unilever, up 0.56 per cent at Rs 1,300.60; and Larsen and Toubro, up 0.54 per cent at Rs 1,290.15.

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