On last trading day of the week, domestic indices logged modest losses led by index pivotals State Bank of India, Reliance Industries and ICICI Bank. In early trade, local stocks edged lower while the Sensex falling below the psychological 38,000 level tracking mostly negative Asian stocks. Indices turned range bound in afternoon trade and stocks extended losses soon after staging an intraday recovery in late trade. The Nifty 50 lost 41.20 points and settled the week at 11429.50. IT sector were the major gainers and PSU banks were the major losers of the day.
Credit ratings agency Fitch voiced concerns on Thursday that TV Azteca’s legal battle with American Tower Corp was “not positive or favorable” for the Mexican broadcaster’s credit profile. European shares fell on Friday as worries over a dramatic fall in the Turkish lira jolted financial markets, with banks such as Spain’s BBVA and Italy’s UniCredit falling on worries over their exposure to the country.
Jet Airways (India) sahre prices plunged 6.25% after the company enunciated that its board of directors deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June 2018.
State Bank of India (SBI) informed that executive committee of central board (ECCB) accorded approval to explore and initiate the process of divestment upto 4% of stake of SBI in SBI General lnsurance Company to a non-promoter entity through small parcel share sale (SPSS).
Bhushan Steel, debt-ridden auto-grade steel manufacturer, share prices rose 1.6% after the National Company Law Appellate Tribunal (NCLAT) upheld Tata Steel’s resolution plan.
Shree Cement has won coal linkage of 27,700 tons per annum of Grade G7 at notified price of Rs 2311 per ton with wining premium of Rs 130 per ton (5.63% of notified price) in the State of Chhattisgarh.
Tata Motors share prices fell 1.75% after Jaguar Land Rover released the data of total retail sales of 36,144 vehicles in July 2018, down 21.6% year on year.
Philippines stocks were lower after the close on Friday, as losses in the Holding Firms, Industrials and Services sectors led shares lower. The PSEi Composite fell 0.20%
Japan stocks were lower after the close on Friday, as losses in the Shipbuilding, Communication and Glass sectors led shares lower. The Nikkei 225 declined 1.33%.
Taiwan stocks were lower after the close on Friday, as losses in the, Electronic Parts/Components and Machinery sectors led shares lower. The Taiwan Weighted fell 0.40%.
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