Indian shares traded lower on Friday with the Nifty slipping below the 12,000 mark as sustained selling in index heavyweight stocks such as State Bank of India, HDFC, ITC and L&T weighed on benchmark indices. The benchmark 30-share S&P BSE Sensex traded 135 points lower, or 0.36 percent, at 40,644 at 12.24 pm. The broader 50-share NSE Nifty50 also slipped 38 points, or 0.32 percent, to trade at 11,980. Earlier, benchmark indices started on a positive note, tracking broader Asia, as the street cheered US President Donald Trump's latest comments saying trade talks with Beijing were on track.
Broader market indices underperformed with the Nifty MidCap 100 index down 0.86 percent, while the Nifty SmallCap 100 index was down 0.63 percent. Among NSE sectoral indices, only Pharma was in the green, up just 0.17 percent. The Nifty PSU Bank index sharply corrected by over 3 percent, while the Nifty Meida index also dropped almost 3 percent.
Among Nifty gainers, Bharti Infratel rose 4.5 percent, while Dr Reddy's Labs also surged 2.24 percent. Kotak Mahindra Bank, Asian Paints and HDFC Bank rose by up to 1.5 percent.
Yes Bank tanked over 8 percent, the worst among the laggards. Zee Entertainment Enterprises also declined over 4 percent. SBI, M&M and IndusInd Bank declined by up to 3.8 percent.
Yes Bank shares nosedived as Moody's Investors Service cut the private sector lender's long-term foreign currency issuer rating to 'B2' from 'Ba3'. It said Yes Bank's pool of potential stressed assets will add pressure on liquidity, leading to deterioration in the credit profile.
Shares of Vodafone Idea plunged over 6 percent after its chairman Kumar Mangalam Birla said that the company will have to be closed down if the government doesn't provide relief that the company has sought.
Shares of Gati Ltd fell over 4 percent on Friday after integrated logistics solutions provider acquired controlling stake in the company for Rs 416 crore.
According to the deal, Allcargo Logistics will buy up to 1,03,85,332 equity shares of Gati Ltd at Rs 75 per share from some of the existing members of the Promoter and Promoter Group of Gati – Mahendra Kumar Agarwal, Mahendra Investment Advisors Pvt Ltd and TCI Finance Ltd (TCI), and Gati.
In the currency markets, the Indian rupee traded at 71.33 per US dollar at 12.41 pm. The domestic currency had opened on a steady note at 71.30 against the greenback in early trade.
In global markets, state-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba's record $25 billion listing in 2014.
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