Mumbai: Benchmark indices closed firm, riding a late surge, but finished roughly 3 per cent lower week-on-week. Brokers say the mood is cautious after the global sell-off on Thursday, and back home, a mixed bag of quarterly earnings. The Sensex closed at 19704, up 30 points over the previous close, after touching a low of 19568.49 earlier in the day. The Nifty ended 16.50 points higher at 5983.55.
Tata Power, Tata Steel, Larsen, Sterlite Industries and ICICI Bank were among the key gainers in the Sensex, rising 2-4 per cent. Healthcare and realty were among the worst performing sectors, while buyers queued up to buy shares of metal, banking and capital goods companies.
Wockhardt led losers in the pharma sector, finishing around 6.5 per cent down, after coming close to touching the lower end of the 20 per cent intra-day circuit filter. The stock has been under pressure since Thursrday after the US FDA red flagged its export-oriented unit at Aurangabad.
Sun Pharma shares fell around 4 per cent after operating margins of its Israeli subsidiary, Taro Pharma, fell below analyst estimates. Brokers said liquidity would be the deciding factor near term, in the absence of any supportive macroeconomic fundamentals.
Last week, rating agency Standard & Poor's retained its negative outlook on India, and on Thursday Moody's said there was no certainty that India's GDP growth would not fall further. "In an environment of a stronger dollar and developing markets giving back some of the gains, I do expect to see more downside in the next few weeks as the market normalises a bit more. So, potentially a test down to around (Nifty) 5,400 cannot be ruled out," Mohammed Apabhai of Citi said in an interview to CNBC-TV18.
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