Local stocks ended with modest gains after volatile session of trade.The Sensex settled above the psychological 38,000 level after moving above and below that level in intraday trade. The Nifty 50 gained 83.60 points and settled at 11426.85.
On the sectoral front, IT index has outperformed the other indices with nearly 2 percent gain followed by auto, infra, metal and pharma, while selling was seen in the FMCG space.
Europe’s stock markets look set to close the week on a positive note, opening Friday broadly higher after Chinese media reports encouraged hopes of an early end to the country’s trade war with the U.S.A.The benchmark Euro Stoxx 600 was up 0.40 points, or 0.1%. Sweden’s H&M, the world’s second-biggest fashion retailer, posted on Friday local-currency sales growth for its fiscal first quarter.
Glenmark Pharmaceuticals rose 2.32% after the company said it received abbreviated new drug application approval for clindamycin and benzoyl peroxide gel.
Vedanta’s Zambia unit halted copper-shaft operations after the contractor failed to secure funds to pay workers.
Delhi High Court stayed an order of National Anti-Profiteering Authority against Jubilant Foodworks and penalty proceeding, subject to deposit of Rs 20cr on Central Consumer Fund.
Share price of Bharti Airtel fell 3.3 percent after Jefferies downgraded the stock to underperform from hold rating.
Shares of Tech Mahindra gained 1.4 percent after company approved to acquire 100 percent stake in Japanese company.
Shares of IDBI Bank gained 1% after the Reserve Bank of India (RBI) classified the bank as private lender post Life Insurance Corporation of India (LIC) took over control of the bank.
SEBI has directed Religare Finvest (RFL) and Religare Enterprises (REL) to recover loan worth Rs 2,315cr.
Japan stocks were higher after the close on Friday, as gains in the Chemical, Petroleum & Plastic, Mining and banking sectors led shares higher. The Nikkei 225 gained 0.77%.
The Shanghai Composite Index added 0.7 percent.South Korea’s KOSPI was up 0.6 percent.
Australia stocks were lower after the close on Friday, as losses in the Gold, Metals & Mining and Materials sectors led shares lower. The S&P/ASX 200 lost 0.07%.
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