Sensex, Nifty End Flat; Sun Pharma Surges Over 10% On Strong Q1 Earnings

Gains in Sun Pharma, Tech Mahindra and HDFC were offset with losses in Reliance Industries, Bajaj Finance and State Bank of India.

Sensex, Nifty End Flat; Sun Pharma Surges Over 10% On Strong Q1 Earnings

Sun Pharma was top Nifty gainer, the stock surged as much as 11% to hit fresh 52-week high of Rs 780.

The Indian equity benchmarks ended little changed on Friday as gains in Sun Pharma, Tech Mahindra, HDFC, HDFC Bank and Kotak Mahindra Bank were offset with losses in Reliance Industries, Bajaj Finance, State Bank of India and Tata Consultancy Services. For most part of the day, the Sensex and Nifty traded in a narrow band. However, erased gains in the last 30 minutes of trade taking cues from weak European markets and Dow Junes futures.

The Sensex ended 66 points or 0.13 per cent lower at 52,587 and Nifty 50 index declined 15 points or 0.1 per cent to close at 15,763.

European markets were trading lower with England's FTSE 100 index declining 0.9 per cent, France's CAC40 index falling 0.36 per cent and Germany's DAX slipping 1 per cent. Dow Jones futures contracts fell 0.4 per cent indicating weak opening for US markets.

Back home, Sun Pharma was top Nifty gainer, the stock surged as much as 11 per cent to hit fresh 52-week high of Rs 780 after it reported profit of Rs 1,444 crore in June quarter against loss of Rs 1,655 crore during the same quarter last year.

Tech Mahindra advanced as much as 7 per cent to hit close at record high of Rs 1,208 after it reported a 42.91 per cent growth in net profit in the June quarter to Rs 1,365.7 crore on the back of higher revenues and an expansion in profit margins. The net profit in the year-ago period stood at Rs 955.6 crore. Tech Mahindra shares touched a 52-week high of Rs 1,237 on the BSE and at 1:20 pm, the shares were trading at Rs 1,218.90, up Rs 91 or 8 per cent, on the BSE.

Adani Ports, Shree Cements, Power Grid, Bajaj Auto, NTPC, Mahindra & Mahindra, HCL Technologies and Coal India were also among the gainers.

On the flipside, Bajaj Finance, Bajaj Finserv, Hindalco, State Bank of India, UPL, Tata Steel, SBI Life, JSW Steel, Asian Paints and Axis Bank were among the losers.