Political instability adds to Indian Markets woes - LuvKush Finserve

Markets ended lower for third consecutive trading session on Friday on back of political instability back home amid caution ahead of key jobs data in US that will decide the pace of growth recovery in world's biggest economy. The Bombay Stock Exchange's Sensex dropped 59.47 points to end at 18,450.23 while the National Stock Exchange's Nifty shed 21.50 points at 5,553.25.

The key sectoral indices such as FMCG, consumer durables, capital goods, power, banks declined while oil & gas, autos, metals and PSU sectors gained on BSE. The laggards included counters such as ITC falling 3%, NTPC declining 2.7%, HDFC dropped 3%, SBI and ICICI Bank shed 0.7% and 1.3% respectively on BSE.

The gainers on the Sensex were Maruti Suzuki adding 7%, Jindal Steel gained 2%, GAIL rose 2.2%, while ONGC gained 2%, RIL added 1.8% while Wipro ended up nearly 1.9% on the BSE. The notable movers included counters such as, GMR Infrastructure which gained 3% on reports that the company has reached with an agreement with Megawide Construction Corp to bid for an airport development project in the Phillipines.

The broader markets ended tad lower with mid-caps and small-caps dropping nearly 0.1% on BSE.

Source : Equity Bulls

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