The Nifty futures lost 0.21% to close negative at the 14,893 level. On the stock front, Cadila Healthcare, Cipla, Glenmark, Aurobindo Pharma, Sun Pharma, Adani Enterprise, Lupine, IGL, Sun TV, HUL, TechM, Biocon N71 1.71%, JSW Steel NSE 1.12%, Wipro, Tata Consumers, Titan, Marico, SRF and Pidilite Industries but weak in Bajaj Finance, UPL, Vedanta, McDowell.
The Nifty opened flat on Friday and remained strong from the opening trade. This lowered the previous day’s level but did not sustain at the lower levels. The index stuck in a range and ended the session with a loss of about 40 points. It formed a Doji candle with a long low shadow on the weekly chart and a small bearish candle on the daily level, indicating buying at lower levels.
The bank opened with a cut in the Nifty and remained negative for the most part of the session. Banking stocks saw weakness and the index rose to a level of 32,300. The season finally ended with a loss of about 330 points. The index formed a bearish candle on the weekly as well as daily charts. The long upper shadow during the day indicated pressure to sell at higher levels.
Shares fell in most Asian markets on Friday.
Japan’s benchmark Nikkei 225 index reversed after falling a day earlier. Shares fell in Hong Kong, Shanghai, Sydney and Seoul.
On Thursday, the stock closed marginally higher on Wall Street, benefiting from large technology companies that benefit from lower bond yields. But the increase in employment claims somewhat dampened the buying enthusiasm.
China reported that a surge in fuel prices led to a rise in consumer prices in March, while producer prices rose at the fastest pace in more than four years.
The consumer price index rose 0.4% in March compared to minus 0.2% in February, as fuel prices jumped about 12% from a year earlier. Prices paid by manufacturers rose 4.4% from a year earlier.
The Shanghai Composite Index fell 0.7% to 3,456.74 and Hang Seng in Hong Kong also fell 0.7% to 28,798.07. Australia’s S&P / ASX 200 closed down 0.2% at 6,985.20 and Cospi in Seoul by 0.1% to close at 3,137.84.
Japan’s Nikkei 225 opened up 0.4% at 29,814.51.
On Thursday, the S&P 500 index rose 0.4% to 4,097.17, another record high recorded on Monday and Wednesday. The Dow Jones Industrial Average rose 0.2% to a level of 33,503.57. The tech-heavy Nasdaq Composite rose 1% to 13,829.31.
Small-company stocks, which are outpacing the broader market this year, have also performed well. The Russell 2000 index of small companies rose 0.9% to 2,242.60. The index so far this year is 13.6%, while the S&P 500, tracking large companies, is 9.1%.
In other trades, the price of US benchmark crude oil rose 11 cents to $ 59.71 a barrel in electronic trading on the New York Merchant Exchange. It was down 17 cents to $ 59.60 on Thursday. Brent crude fell 2 cents to $ 63.18 internationally.
The US dollar rose from 109.25 yen to 109.32 Japanese yen. The euro fell from $ 1.1917 to $ 1.1904.