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Closing Bell: Sensex, Nifty end flat on Friday, down 0.6% for the week; banks gain, IT stocks drag

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The Sensex ended 39 points higher at 37,350, while the broader Nifty50 index added 18 points to end the day at 11,048.

Closing Bell: Sensex, Nifty end flat on Friday, down 0.6% for the week; banks gain, IT stocks drag
Indian benchmark indices ended flat on Friday, as gains in banking and auto stocks were capped by losses in IT stocks. The indices ended over 0.6 percent lower for the week.
Meanwhile, world stocks rose as expectations grew of further stimulus by central banks, offsetting worries about slowing economic growth, which intensified this week.
The Sensex ended 39 points higher at 37,350, while the broader Nifty50 index added 18 points to end the day at 11,048.
In broader markets, the Nifty Midcap and the Nifty Smallcap indices advanced 0.3 percent each.
UPL, PowerGrid, Maruti Suzuki, Yes Bank and Grasim were the top gainers on the Nifty50 index, while TCS, Vedanta, HCL Tech, BPCL and Sun Pharma led the losses.
Sectoral indices were mixed for the day. The Nifty PSU Bank index gained the most, up 1.5 percent, followed by the Nifty Auto, which rose 1 percent. The Nifty Bank and the Nifty Private Bank indices rose 0.7 percent and 0.9 percent, respectively.
Meanwhile, the Nifty IT index fell 0.65 percent and the Nifty Pharma shed 0.8 percent.
Shares of Yes Bank rose 2.5 percent after the lender said it has raised Rs 1,930 crore through qualified institutional placement (QIP). The lender also said it was planning to raise additional funds over the next 12-18 months after the successful QIP.
IDBI Bank plunged 8.7 percent after the public lender reported a net loss in the June 2019 quarter as bad loans increased.
Glenmark Pharma fell 6.5 percent as global brokerages slashed price target on the stock after weak June-quarter earnings.
Globally, Japan’s Nikkei recouped early losses to end 0.06 percent higher and Shanghai blue chips rose 0.3 percent after China’s state planner said Beijing would roll out a program to boost disposable income.
MSCI’s All Country World Index, which tracks equities across 47 countries, was up 0.2 percent on the day. It was still set for its third straight losing week, down 2.2 percent.
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