Sensex Ends Flat, HCL Tech Falls 5%; Kotak Mahindra Bank Rises 4%

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BSE benchmark Sensex rose almost 200 points in opening trade today only to turn cautious tracking negative global cues ahead of the US Federal Reserve policy announcement scheduled later in the day.

Consistent outflow of foreign funds along with global factors, including weak Asian equities, geopolitical tensions in the Middle East and high crude oil prices pulled the key Indian equity indices lower on Friday.

The BSE Sensex tumbled over 188 points to close at 34,915.38, while the Nifty shed 61.40 points to 10,618.25 on across-the-board selling.

"Rupee weakened as positive US employment data might lead to (US) Feds monetary tightening".

The BSE 30-share barometer opened higher at 35,144.96 and advanced to 35,206.55 in morning trade on value-buying in recently battered stocks.

On the economy front, the seasonally adjusted Nikkei India Services Business Activity Index rose from 50.3 to 51.4 in April.

Asian Paints (2.05%), Bajaj Auto (1.68%), Sun Pharmaceutical Industries (1.66%), Infosys (1.65%), Wipro (1.43%), and Reliance Industries (0.84%) were the major losers in the Sensex.

Adani Ports (+2.3%), GAIL (+2%), ONGC (+1.2%), BPCL (+1.1%) and HCL tech (+1%) were the top gainers on Nifty50. Another private sector bank, Axis Bank, rose 1.5 per cent. HDFC and HDFC Bank rose over 1 per cent.

A similar trend was witnessed in the broader markets as investors pared their portfolios, pulling down the mid-cap index by 0.35 per cent and the small-cap by 0.25 per cent.

Hong Kong's Hang Seng and South Korea's Kospi were down 1 percent each while China's Shanghai Composite declined 0.3 percent and Australia's ASX 200 fell 0.6 percent.

The net profit is lower from Rs 2,474 crore reported in the year-ago period (as per Indian Accounting Standards) as there was a one-time benefit from tax reversal in the January-March 2017 quarter.

PC Jeweller extended rally, rising 44 percent on top of 10 percent upside in previous session after the managing director, Balram Garg yesterday denied investigation by SEBI and CBI.

This is unedited, unformatted feed from the Press Trust of India wire.

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