Indian shares poise to end week flat

Dhaka,  Sat,  03 December 2016
Published : 02 Dec 2016, 15:02:00

Indian shares poise to end week flat

Indian shares poise to end week flat
Indian shares fell 1.0 per cent on Friday and were poised to end the week flat as auto makers dropped on sharp declines in monthly sales.

Sentiment was also muted ahead of the release of the US monthly jobs data, a referendum in Italy over its constitution, and the Reserve Bank of India's policy review next week.

The broader NSE Nifty was down 0.95 per cent at8,115.20 as of 0620 GMT, dragged down by financials, and was flat for the week.

The benchmark BSE Sensex was 0.91 per cent lower at 26,318.80, and was set for a flat end to the week.

Auto makers fell after they reported monthly domestic sales in November plunged from a month earlier as an intense cash crunch brought a recent recovery in consumer demand to a screeching halt.

Mahindra & Mahindra fell 1.05 per cent, TVS Motor dropped 2.05 per cent, and Bajaj Auto declined 0.55 per cent.

Telecom companies continued to languish after Reliance Industries on Thursday extended an offer of free data and voice services by its telecoms unit, Jio, raising concerns about the cut-throat competition in the sector.

Idea Cellular declined as much as 2.40 per cent.

Banks fell on caution ahead of the RBI's policy decision next week. Kotak Mahindra Bank dropped 3.12 per cent and Housing Development Finance Corp declined 2.12 per cent, according to a news agency report.

-SRS-
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