There was a phase of ups and downs in the stock market on Friday. Business started in the morning with a downward trend, but eventually closed with an increase. At the end of trading, the Bombay Stock Exchange (BSE) Sensex rose 38.80 points to close at 37,350.33, while the National Stock Exchange’s Nifty climbed 18.40 points to close at 11,047.80.
30 stocks of Nifty gained, while 20 stocks saw a decline. The pharma sector performed poorly on the Nifty. Glenmark Pharma’s sector saw a decline of 6 percent during the day’s trading. Sun Pharma, Lupine, Dr. Reddy’s Lab, Divis Labs, Aurobindo Pharma and Cadila Healthcare saw declines. IT sector stocks also saw a decline.
The falling stocks included Mindtree, Tata Consultancy Services, Tech Mahindra, Wipro and HCL Tech. The Nifty was able to stay above Rs 11,000 due to banking and auto shares.
Midcap and Smallcap stocks also saw an increase. Auto sector shares saw some uptrend today. The gainers included Maruti Suzuki, Ashok Leyland, Mahindra & Mahindra, TVS Motor Company, Bosh and Bajaj Auto. The banking sector also saw growth and was led by PSU banks.
Earlier in the morning, business started with a decline. The Bombay Stock Exchange (BSE) Sensex fell 235 points to open at 37,076.76, while the National Stock Exchange’s Nifty fell 74 points to open at 10,955.20.
There is no clear indication on the US-China trade war that there is concern over the global economy due to which the trend of Asian markets was mixed. US President Donald Trump has said that he wants the dispute to end soon and there is a trade agreement with China. But on the other hand, China has warned that if the US imposes more tariffs on Chinese goods, it will respond strictly to it. On Thursday, the US S&P 500 and Dow Exchange have gained strength. On the other hand, Nasdaq saw a decline of 7 points.
On a domestic level, Prime Minister Narendra Modi on Thursday reviewed the condition of the economy and steps taken to improve it with Finance Minister Nirmala Sitharaman and senior bureaucrats. According to sources, the incentive package has been finalized in this, including the new policy framework and tax cuts. They will be announced in about two weeks.