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On last trading day of the week, Key benchmark indices logged modest gains led by index pivotals Reliance Industries, Mahindra & Mahindra and ICICI Bank. In early trade, local stocks drifted lower on negative Asian stocks. Stocks gyrated in a small range near the flat line in early afternoon trade. Indices bounced back and hit fresh intraday high in late trade. The Nifty 50 gained 52.20 points and settled the week at 11589.10. Auto sector were the major gainer and PSU Banks were the major loser of the day.

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Global Markets

European shares were slightly higher in early trading on Friday as uncertainty over global trade rippled through markets and investors sought refuge in defensive sectors.The pan-European STOXX 600 was up 0.1%. Fiat Chrysler new CEO Mike Manley will announce his organizational plans for the car maker by the end of September.

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Stock Snippets

Bajaj Auto share prices jumped 2.7% after the company said it will enhance its production capacities of 3-wheelers and quadricycles to 1 million per year.

Welspun Corp released the information that the company has entered in to an agreement for supplying 220 KMT of pipes for oil & gas project in the American region.

Infosys announced the formation of a joint venture with Temasek, the global investment company headquartered in Singapore.

Sun Pharmaceutical Industries share prices plunged 3.8% on reports that the US drug regulator issued six observations to the company’s Halol plant for inspection in August 2018.

Caplin Point Laboratories share prices goes up 2.75% after the company said that its sterile injectable site has completed the USFDA audit with no observations.

In its Ennore plant, Ashok Leyland inaugurated its cutting edge electric vehicle (EV) facility.It is India’s first integrated facility for design, prototyping, testing, process prototyping and solutions design.

Global Markets

Philippines stocks were lower after the close on Friday, as losses in the Property, Holding Firms and Banking & Financials sectors led shares lower. The PSEi Composite lost 0.52%.

Japan stocks were lower after the close on Friday, as losses in the Precision Instruments, Railway & Bus and Insurance sectors led shares lower. The Nikkei 225 declined 0.76%

Taiwan stocks were lower after the close on Friday, as losses in the, Electronic Parts/Components and Machinery sectors led shares lower. The Taiwan Weighted declined 0.71%.

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