The Indian markets ended the day flat after opening at a record high. The Indian markets ended the day flat after opening at a record high. The BSE Sensex closed at 36,541.63, down 6.78 points or 0.02% compared to its previous close of 36,548.10. Meanwhile, NSE Nifty ended lower by 4.3 points or 0.039% at 11,018.90.
Market breadth remained negative as 463 shares advanced against a decline of 1,273 shares, while 327 shares were unchanged. Infosys (2.2%), Reliance Industries Ltd (1.4%), and Bajaj Auto (1.3%) were the biggest gainers, while ONGC (-2.61%), Axis Bank (2.39%), and ITC Ltd (2.38%) were the biggest laggards on the indices.
Data released by the government on Thursday showed that retail inflation accelerated at its fastest pace in five months, fuelling possibilities of an interest rate hike by the Reserve Bank of India (RBI) in its upcoming monetary policy.
Consumer prices rose 5% in June from a year earlier after a 4.87% increase in May, the Statistics Ministry said in a statement on Thursday. The median of 43 estimates in a Bloomberg survey of economists was for a 5.28% gain. Industrial output, meanwhile, expanded 3.2% in May, the slowest in seven months, compared with an estimated 4.4 % gain.
IT major Infosys
reported its Q1FY19 results post-market hours on Friday. Net profit for the June quarter has fallen 2.1% to Rs3,612cr compared to Rs3,690cr in the previous quarter. The previous quarter's profit included the positive impact of Rs1,432cr on account of the conclusion of an advance pricing agreement with the US revenue service. INR revenue grew 5.8% qoq to Rs19,128cr, in-line with the consensus estimate of Rs19,097cr.
EBIT stood at Rs4,537cr, up 1.5% qoq, against the consensus estimate of Rs4,540cr, EBIT margin contracted by 101bp qoq to 23.7%. The company retained FY19 revenue guidance in constant currency at 6-8%; FY19 operating margin guidance has been retained at 22-24%. The company has announced 1:1 bonus issue of equity shares and 1:1 stock dividend of American Depositary Shares
The S&P BSE midcap index, meanwhile, dropped 0.77% on Friday to end at 15,431.47, pressurized by selling in Jindal Steel & Power Ltd (-5.55%), IIFL (-4.27%), Canara Bank (-4.1%), and Bank of India (3.95%).
Jindal Steel and Power Ltd (JSPL)
witnessed massive selling after a special court ordered the framing of an additional charge of abetment of bribery against Congress leader and industrialist Naveen Jindal and others in a case pertaining to irregularities in the allocation of a Jharkhand coal block.
Among the sectoral indices, the CNX Realty index declined 1.7% to end at 266.85. Sobha Developers Ltd was the biggest loser among the pack, losing over 6% to Rs456/share at the close.
Meanwhile, the rupee strengthened against the dollar in intra-day trade on Friday. It was trading at Rs68.46, up 0.15%, or 10 paise, against the greenback. The domestic currency opened at Rs68.37/$1, up 20 paise against Thursday's close of Rs68.57/$1.