The Indian market made a smart recovery in the last hour of trade to end the session flat on Friday. The Sensex recovered by 184 points to end the session 19 points lower at 35,444, while the benchmark Nifty index gained 59 points to close 1 point in the red at 10,768.
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In the broader markets, the Nifty Midcap index gained 96 points to end the session at 18,831. The Nifty Bank index was the biggest under performer amongst key indices with the Index closing 66 points in the red at 26,451.
The banking index was dragged by ICICI Bank and HDFC Bank while public sector banks had a better day with SBI and PNB closing the day among top the gainers.
Gains were also seen in IT and pharma stocks as investors seem to be turning defensive due to weak global markets.
Investors await the meeting of US President Donald Trump and North Korean leader Kim Jong-un and the US Federal Reserve's decision on interest rates for more cues.
The rally seen among IT and pharma stocks has also received a boost from weakness seen in the rupee, that has been trading at over a week's low.
Two stocks that outperformed in trade were Sun Pharma and Aurobindo Pharma as both companies received positive outcome from US FDA for their facilities.
In the futures market; major traction was seen in active Put call options like 10,600, 10,500, 10,700 & 10,400 call. The premium of most of these options gained in Friday’s trade, with 10,500 Call receiving the maximum interest, leading to an up move of 15% in its premium.
The Nifty June Futures ended the week with a discount of 28 points against a discount of 5 points on Thursday. Strides Shasun, Indian Bank, CG Power, Bajaj Fin, IGL were some major stocks that saw premiums surging in the range of 14-37%.
On the global front, Asian stocks closed lower on Friday, with major markets in the region recording declines as investors sentiment turned cautious after recent gains seen earlier in the week.
The Nikkei 225 declined 0.6% to close at 22,694 after four straight sessions of gains. Banking stocks and technology slipped while consumer stocks edged higher. Australian stocks were also lower, with the S&P/ASX 200 closing down 0.2% at 6,045.20.
South Korea's Kospi edged down by 0.8% to 2,452 points as automakers and steelmakers dragged the index.
Mainland China stocks finished the day lower by around the same level, with the Shanghai composite down 1.36% at 3,067 but off its session's low. The Shenzhen composite closed down 0.9%.