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MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag

SI Reporter/New Delhi 04 May 18 | 03:30 PM

Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.

The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.

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Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE. 

Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.

Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its 'growth at reasonable price' (GARP) investment strategy.

“Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome. We think this outperformance of growth over value (and quality) will continue in 2018," said a Morgan Stanley report released on Friday.

ECONOMIC DATA

On the macro front, Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.

The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a three-month high at 51.4 in April from March's 50.3, holding above the 50-mark that separates growth from contraction for a second month.

GLOBAL MARKETS

Asian shares stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial markets turned their attention to looming US payrolls data for fresh catalysts.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.

(with Reuters input)

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Sensex

Company Price Gain (%)
O N G C175.354.59
Tata Steel567.203.43
Yes Bank339.452.71
IndusInd Bank1,914.102.29
Adani Ports379.252.17

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