Key benchmark indices ended lower for second straight day, dragged by weakness in TCS, Reliance Industries and Larsen & Toubro. Firmness in ITC supported the indices at lower levels. The indices opened higher and hit fresh intraday high in early deals. The market reversed trend and turned negative in mid-morning trade. Indices extended losses in early-afternoon trade and hit fresh intraday low. Indices pared losses in late trade. The Nifty 50 lost 26.65 points and settled the trade at 10794.95. PSU Banks were major loser and FMCG were major gainer of the day.
Overseas, stocks in Europe were trading higher. In Europe, there is a strong focus on politics as the UK’s departure from the European Union approaches. Japanese Prime Minister Shinzo Abe said Thursday in London that he hopes both sides will avoid a no-deal. Asian stocks were trading higher on Friday, amid improved investor sentiment following overnight gains on Wall Street.
Welspun Enterprises inked pact with Maharashtra Public Works Department to upgrade roads in the state at a bid project cost of Rs 1,460 cr and for the first year’s operation and maintenance cost for Rs31.5cr.
Lemon Tree Hotels signed a licensing agreement for 50-rooms resort property in Andhra Pradesh.
Himachal Futuristic Communication Limited won optical fibre cable orders worth Rs500cr for BharatNet Phase II project from L&T and ITI-led consortium.
Reliance Industries to shut down one of its crude distillation units and coker unit at the Jamnagar refinery for maintenance and inspection for four weeks, starting Jan 16.
Tata Motors’ JLR plans to cut 4,500 jobs worldwide. JLR’s December sales were down 6.4% to 56,120 units on yoy.
Praj Industries gained 8% after the company announced ground-breaking of integrated demo plant of compressed bio gas.
China stocks were higher after the close on Friday, as gains in the Telecoms, Mobile and Travel & Leisure sectors led shares higher. At the close in Shanghai, the Shanghai Composite rose 0.74%.
Australia stocks were lower after the close on Friday, as losses in the Gold, Metals & Mining and Materials sectors led shares lower. At the close in Sydney, the S&P/ASX 200 lost 0.36%.
Japan stocks were higher after the close on Friday, as gains in the Trading, Machinery and Power sectors led shares higher. At the close in Tokyo, the Nikkei 225 added 0.97%.
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