Indian shares ended lower on Friday dragged by banks, auto, and metal indices ahead of the Q2 GDP data later today. Investors remained cautious on expectations of slower economic growth in the September quarter and as rising uncertainty over a Sino-US trade deal hurt demand for risk assets. The benchmark 30-share S&P BSE Sensex settled 336 points lower, or 0.82 percent, at 40,794, while the broader 50-share NSE Nifty50 lost over 95 points, or 0.78 percent, to close at 12,056.
Among broader market indices, the Nifty MidCap 100 index ended flat in the green, while the Nifty SmallCap 100 index outperformed, rising 0.94 percent. Barring Nifty realty, all sectoral indices ended in the red with Auto, Media, Metal, Pharma and PSU Bank falling between 1 and 2.5 percent.
Bharti Infratel shares settled 6.7 percent higher leading Nifty gainers. Adani Ports, Bharti Airtel, HDFC Bank and NTPC were other top gainers, rising by up to 2.25 percent.
Zee Entertainment shares fell almost 8 percent, the worst performing scrip on Nifty today. Hindustan Unilever, Dr Reddy's Labs, Tata Motors and M&M fell between 2 and 2.6 percent.
Bharti group shares and Vodafone Idea gained on the company's plan to increase the prices of their services by up to 30 percent.
Indiabulls Housing Finance shares settled over 13 percent lower after the Ministry of Corporate Affairs (MCA) noted certain violations emerging from the inspection report.
Shares of Future group companies surged on Friday after the Competition Commission of India (CCI) approved Amazon.com NV Investment Holdings' proposal to acquire about 49 percent share in Future Coupons, a Future Retail promoter group company. Future Retail and Future Enterprises rallied over 18 percent each on the Bombay Stock Exchange.
India's GDP growth is likely to have dipped below 5 percent in the Q2FY20 owing to weak consumer demand, slowing manufacturing activity and negative impact from a prolonged monsoon. A CNBC-TV18 poll projected Q2 GDP growth of 4.64 percent, down from 5 percent in the Q1FY20 and 7 percent from the same quarter a year ago.
Broader Asian markets were also lower as investors feared that a new US law backing Hong Kong protests could derail efforts to end the Sino-US trade war. The MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9 percent.
First Published: IST