IMF retains India’s growth projections at 7.2 percent

Mumbai, May 31: Benchmark indices ended Friday’s session with cuts, dragged down by bank stocks, after giving up the early gains during which they reclaimed the crucial 40,000 and 12,000 levels, respectively.
The S&P BSE Sensex ended the day 118 points, or 0.3 per cent, lower at 39,714 levels, with YES Bank, ITC, Vedanta, Mahindra & Mahindra, and NTPC leading the list of losers. The benchmark index slid almost 700 points off day’s intra-day high, 40,122, but also staged a recovery to cut the losses. Out of the 30 BSE constituents, 19 ended the session in the red.
The broader Nifty50 index finished at 11,923, down 23 points, or 0.19 per cent. On a weekly basis, both Sensex and Nifty posted a gain of 0.8 per cent.
Stocks in news
Global brokerage firms remained positive on state-owned oil & gas exploration company ONGC despite a weak Q4 show, with CLSA expecting a big re-rating on the stock. ONGC closed 1.3 percent higher on the BSE.
Share price of Berger Paints (India) rose more than 10 percent after the company posted better numbers for the quarter ended March 2019.
PC Jeweller shed 4 percent after the company posted a net loss of Rs 376.8 crore in the Jan-March quarter.
Glenmark Pharma dropped 1.5 percent as global brokerage house CLSA downgraded the stock after March quarter earnings missed analyst estimates.
Shares of NCC tank 16 percent after the newly instated Andhra Pradesh government decided to cancel all projects sanctioned prior to April 1 by the previous N Chandrababu Naidu government but work on which was yet to take-off.
Global cues
Asian indices ended mostly lower on May 31 after China’s manufacturing data fell below analysts’ expectations. Nikkei shed 1.63 percent at 20,601.19, Shanghai Composite was down 0.24 percent at 2,898.70, while Kospi added 0.14 percent at 2,041.74.
European markets were trading lower on May 31 after US President Donald Trump announced that he would impose tariffs on imports from Mexico.