Sensex, Nifty end flat; Tata group stocks under pressure

Mumbai: Sensex and Nifty closed on a flat note on Friday after a stellar week which saw the benchmark indices touching fresh highs during the past four out of five sessions.

Tata Group stocks, which came under selling pressure after the NCLAT decision to restore Cyrus Mistry to the post of Chairman of Tata Sons, traded on a mixed note.

Tata Steel turned out to be the top gainer on the BSE, jumping 2.84 percent but TCS, Tata Motors, and Tata Global Beverages closed lower. Also, Sterling and Wilson Solar closed nearly 5 percent higher on the BSE.

The Sensex closed at 41,681 gaining 7.62 points after hitting a record high of 41,809.96. The Nifty settled at 12,271.80.

“Market maintained a positive bias amid a narrow range, RBIs open market operation to bridge the liquidity gap provided impetus to investors. Bond yield slid to 6.57 percent while PSU banks gained in expectation of higher treasury gains,” said Vinod Nair, Head of Research at Geojit Financial Services.

Banking stocks, analysts said, were boosted post the RBI’s decision to conduct a special open market operation (OMO) to bring down long-term yields that were cheered by the market.

However, concerns arose towards the end of the session as Fitch Ratings cut India’s GDP growth forecast for FY20 to 4.6 percent.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said that equity markets gained marginally to yet again close at an all-time high for the fourth day in a row. Markets have been on a rise over the last few days on the back of positive global cues and government’s pre-Budget meetings raising hopes for further stimulus.

Foreign Portfolio Investors (FPIs) bought shares worth Rs 739.43 crore while their domestic counterparts sold stocks worth Rs 493.95 crore. (IANS)

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