Indices slip on global cues, Nifty ends below 11,850

Source:- livemint.com

The benchmark equity indices on Friday clocked worst week in over a month amid global cues and key inflation data.

Sensex closed at 39,452.07 falling 289.29 points, or 0.73% while Nifty dropped by 90.75 points, or 0.76%, at 11,823.30.

The broader market also ended in the red with BSE Midcap and Smallcap tanking 1.06% and 0.76% respectively.

IndusInd Bank, Tata Motors, Bharti Airtel, Axis Bank and Kotak Mahindra Bank were the biggest laggards on Sensex falling as much as 4.36%.

However on Nifty, Indiabulls Housing Finance (-4.53%), Zee Entertainment (-4.50%) and Eicher Motors (-2.54%) were also among top five losing stocks along with IndusInd Bank and Bharti Airtel.

Globally, Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked the US-Iran tensions and raised concerns over supply flows through one of the world’s main sea lanes.

MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. Australian stocks edged up 0.05% while Japan’s Nikkei dipped 0.1%.

US stocks rose on Thursday after two days of declines, with energy shares rebounding on the back of crude oil’s surge. Wall Street shares have had a strong run in June on hopes the Federal Reserve will ease monetary policy soon to counter a slowing global economy due to the escalating trade war with China.

Market at close

Sensex trades at 39,420.06 down 321.30 points, or 0.81%, while Nifty down 101.00 points, or 0.85%, at 11,811.40.

Top losers on Nifty

Zee Entertainment, IndusInd Bank, Bharti Airtel, Axis Bank and Bajaj-Auto are the top losing stocks on NSE, tumbling as much as 4.55%.

PV retail sales dip 1% in May: FADA

Automobile dealers’ body FADA on Friday said retail sales of passenger vehicles (PV) in May declined by 1 per cent to 2,51,049 units as compared to the same period last year.

According to Federation of Automobile Dealers Associations (FADA), PV sales stood at 2,53,463 units in May 2018.

Broader index remains under pressure

From the early trends, the broader index continues to remain under pressure with BSE Midcap and Smallcap both slipping by 0.49% and 0.35% respectively.

Nifty Media worst sectoral performer

Nifty Media tanks 2.66% becoming the worst performing sector on NSE. Shares of Zee Entertainment was the biggest laggard tumbling 6.14% followed by Dish TV (-5.58%) and Eros Media (-4.19%).

MF industry AUM hits new record high: Motilal Oswal

1) With positive momentum of the last two months intact, the mutual funds (MF) industry created a new record in May’19 – total AUM hit the ₹25.9 lakh crore (+4.6% MoM) mark, surpassing the previous high of ₹25.2 lakh crore in August 2018.

2) The month saw a notable change in sector and stock allocation of funds. Weight of Domestic Cyclicals’ increased 160 bp to 10-month high of 62.9%, as weight of Capital Goods, Financials and Cement increased while that of Autos moderated.

3) In May’19, of the top 10- stocks in terms of value increase MoM, seven were from Financials

4) Private Banks — the top sector holding of MFs – saw its weightage increase for eight successive months to climb to a new high of 19.7%.