Indian shares closed little changed on Friday as investors took a pause before a busy week of corporate results, but the stock indexes posted their biggest weekly fall in six due to profit-taking in recent outperformers. The broader NSE index closed 0.12 percent higher at 7,555.20, but posted a 2 percent fall for the week. The benchmark BSE index fell 0.05 percent to 24,673.84 and posted a 2.3 percent drop for the week.
During midday trade, Daily stock trading volume was weak with bond and currency markets closed for a public holiday. The NSE index saw only about a quarter of the 30-day average volume in the first four hours of trading. The next key trigger will be January-March results starting next week, said traders, adding that margins were expected to be muted on sluggish global and domestic demand. Next week, cement makers ACC Ltd and Ambuja Cements Ltd, and software services provider Infosys are due to report their quarterly results.
"Today being the last day of the week and with currency and bond markets shut, not much trading activity is expected," said K K Mital, head-portfolio management services at Globe Capital Market. "Earnings report next week would determine the trend but we don't expect any major correction from hereon." The S&P BSE Bankex index was up 0.5 percent during midday after the newly-formed bank bureau board met for the first time on Friday and discussed issues including capital infusion, merger of weak banks with strong ones.
Comments
Comments are closed.