- Shares of Industrial Finance Corporation of India (IFCI) plunged on Friday after the government exercised the option to convert Rs 923 crore worth of debentures into equity with immediate effect. Atul Kumar Rai, MD and CEO, IFCI, told NDTV Profit that the
The BSE Sensex declined 0.5 per cent in early trade Friday tracking weakness in global markets. The broader Nifty index slipped below the key 5,400 mark and the rupee dropped against the dollar.
Markets in Asia traded lower as expectations of Federal Reserve stimulus in September faded. Japan's Nikkei index and Hong Kong's Hang Seng index traded with over 1 per cent cut each. Overnight, the Dow Jones industrial average lost 115 points to close at 13,057 - the biggest loss in more than a month and the Dow's fourth straight down day.
Indian markets are trading near five-month highs, but the gains have entirely come on the back of increased liquidity. Analysts question whether markets can sustain these gains given the absence of any meaningful announcements from the government on policy reforms.
Technical analysts would expect the Nifty to close above the 5,400 mark for the upward momentum to sustain.
"A weekly close above 5,400 would be a sign of strength. As long as this level is held, markets are poised to go up. 5,341 remains the crucial reversal level," independent analyst Sarvendra Srivastava said.
On the Nifty index, 47 of the 50 stocks traded lower. Reliance Infra was the top loser, falling 1.5 per cent. IT major Infosys also opened weak and traded with over 1 per cent cut.
Coal India, mobile carrier Bharti Airtel and Jindal Steel and Power were the only stocks trading higher.
IFCI was the top traded stock on the broader BSE 500 index. The government yesterday said that it would convert its dentures in the firm, making it the single largest shareholder. The stock traded 5 per cent lower.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.