Sensex, Nifty Bank dip 150 pts; Bajaj Finance, Britannia, HUL hit 52-week highs on NSE
The Sensex and Nifty Bank indices fell more than 100 points while the Nifty Midcap index underperformed frontliners, falling over half a percent.
FMCG stocks continued to support the market as ITC and HUL gained over a percent each while all other sectoral indices are in the red.
More than 110 stocks hit 52-week low with cuts in names such as ACC, Bank of Baroda, Oriental Bank of Commerce etc.
Bajaj Finance, Britannia Industries, Colgate PalmoliveNSE 2.71 % (India), Firstsource Solutions, Hindustan Unilever and Mphasis hit 52-week highs on NSE in Friday's trade, defying negative market sentiment.
On the other hand, ACC, Bank of BarodaNSE -2.38 %, Bharti AirtelNSE -1.58 %, CEAT and Central Bank of India hit 52-week lows on NSE in Friday's trade.
Trade deficit in Apr’18 remained elevated at $13.7 billion, but the overall trade activity remained tepid. Growth in exports and imports remained low at 5.2 percent YoY and 4.6 percent YoY, respectively. Capital Goods and commodity-oriented sectors gained momentum while consumption-oriented sectors continued to languish. Consumption-oriented imports reflected similar trend as that in Consumer Durables production, pointing to overall weakness in consumption.
The Nifty PSU Bank index was trading 0.70 per cent down at 2,688 around 10:20 am on Friday with all components in the red. Bank of Baroda (down 1.92 per cent), Syndicate Bank (down 1 per cent) and Union Bank of India (down 1 per cent) were the top losers in the PSU bank index.
Private bank stocks were trading mixed during the early trade on Friday. However, losses in ICICI Bank (down 1.72 per cent), IDFC Bank (down 0.83 per cent), HDFC Bank (down 0.81 per cent) and Axis Bank (down 0.53 per cent) were keeping the sectoral index down.
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