Indian benchmark closes higher amid volatility

The Indian equity markets ended the week on a positive note amid volatility owing to global tensions. BSE Sensex closed higher by 0.35 per cent this week at 41,599.72. Meanwhile NSE Nifty closed 0.24 per cent higher during this period to end at 12,256.50.

The week started with a strong sell-off after US-Iraq war issues. Sensex and Nifty fell by nearly 800 and 230 points, intraday. The sentiment was further hampered after GDP forecast for FY20 was lowered to 5 per cent from earlier estimates of 6.1 per cent growth rate. On stock specific basis, Ultratech Cement, with 5.34 per cent gain, topped the list of gainers for the week. The Tata Motors, M&M, Adani Ports, and Asian Paints were other gainers in the range of 2 per cent to 2.5 per cent, each, on Nifty. On the losing side, Yes Bank and Indiabulls Housing Finance closed down by 5 per cent and 4.7 per cent, respectively.

The broader indices, represented by BSE 200 and BSE 500, rose by 0.27 per cent and 0.36 per cent, respectively. Shree Cements, with 10 per cent weekly gains, topped BSE 200. On the other hand, the index was dragged down by a fall in ADAG group stocks, Reliance Infra, and Reliance capital, which fell around 22 per cent each.

Going ahead, the markets will take cues from the Q3FY20 numbers. Several stocks, such as Bandhan Bank and GNA Axle, will come up with financial numbers of the third quarter in a couple of days.