Indian Stock end in red on Friday's trading - ICICI Bank Treasury Research

Indian stocks ended in the red today, tracking weak cues from Asian and European peers. Hawkish comments by RBI Governor Subbarao yesterday led to paring of expectations of a rate cut in the June policy meeting, thereby weighing on rate-sensitive stocks. Today's prime laggards were banking, realty and oil and gas shares. The markets reacted little to India's Q4 FY2013 GDP print, which came in at 4.8% YoY in line with consensus. Post-market hours, data released showed that India's infrastructure output rose 2.3% YoY in April vs. prior +3.2% YoY. The Sensex ended at 19,760.30 (-2.25%) and Nifty closed at 5985.95 (-2.26%).

The BSE Bankex ended lower at 14,261.24 (-2.46%). SBI ended lower at INR 2047.70 (-1.95%) while ICICI Bank ended down at INR 1154.30 (-2.41%).

Asian equities traded mixed today. Nikkei reversed yesterday's losses to close higher by 1.37%, led by gains in exporters' stocks and some value-buying following yesterday's sell-off. Kospi edged higher by 0.05%. Shanghai Composite, meanwhile, closed lower by 0.73% on the back of profit taking while Hang Seng ended down by 0.41%, dragged by utilities. Australia's ASX also closed lower by 0.08%, weighed by losses in financial stocks.

Source : Equity Bulls

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