Mumbai, Apr 20: Held by huge gains on technology stocks, the market on Friday managed to end a largely negative day on a flat note. Benchmark indices managed to end just below the flatline.
Gains in firms such as HDFC Bank, Kotak Mahindra Bank, TCS and Infosys helped the market hold steady.
Among sectoral indices, majority of them ended in the red, with maximum bleeding visible in Nifty PSU bank index. But Nifty IT index stood out, with gains of around 5 percent on the back of strong upmove in TCS.
In the broader markets space, Nifty Midcap underperformed the benchmark indices.
Weak global cues from the Wall Street spilled over to the Asian markets. Indices there ended in the red, with some losses in the IT sector. But the story was slightly different in Europe, with indices opening higher. They are continuing to digest corporate earnings that are coming in, which are largely in the positive terrain.
For the week, both indices managed to end with gains of over half a percent, while the Bank Nifty ended over 1 percent lower. The Midcaps index was up 1 percent. Meanwhile, IT index was the highest gainer at 5 percent.
Among stocks, Hindalco, TCS, HCL Tech and ITC were the top Nifty gainers, while HPCL, BPCL, Axis Bank and Tata Motors lost around 6 percent.
Mahindra CIE Automotive share price gained nearly 2 percent as revenue in January-March quarter grew by 32 percent to Rs 612 crore and profit increased 132 percent to Rs 38.56 crore compared to year-ago.
TCS is the most valued company at Dalal Street, with a market capitalisation of Rs 6.5 lakh crore and inching towards to become the first USD 100 billion company after its healthy earnings performance and strong commentary. Its shares also jumped 7 percent after the company reported a 4.4 percent rise in March quarter net profit and guided towards a better show in fiscal 2019.
Kakatiya Cements surged 20 percent after the company restarted its operations at cement plant in Andhra Pradesh.
Eveready Industries plunged 10 percent after fair trade regulator CCI imposed a total fine of Rs 215 crore on Eveready as well as Indo National, industry grouping AIDCM and their officials for cartelisation in pricing of zinc carbon dry cell batteries.
Cyient rallied as much as 9 percent, a day after the company reported 16.2 percent year-on-year (YoY) rise in net profit at Rs 121.5 crore for the quarter ended on March 31, 2018, compared to the year-ago period.
Among commodities, Gold prices went down by 0.46 per cent to Rs 31,453 per ten grams in futures trade today amid a weak global trend and profit-booking by speculators.
At the Multi Commodity Exchange, gold for delivery in June fell by Rs 145, or 0.46 per cent, to Rs 31,453 per ten grams in a business turnover of 189 lots.
On similar lines, the metal for delivery in August was trading lower by Rs 126, or 0.40 per cent, to Rs 31,632 per ten grams in one lot.