Indian shares ended lower on Friday to snap a three-day winning streak as the Reserve Bank of India (RBI) kept interest rates steady at record lows as expected and the Supreme Court ruled that an arbitration order stopping Future Retail’s sale of assets to the conglomerate was valid.
The RBI pledged to continue its accommodative stance as long as necessary despite inflation breaching its upper target band.
The benchmark 30-share BSE Sensex dropped 215.12 points, or 0.39 percent, to 54,277.72 while the broader NSE Nifty index ended down 56.40 points, or 0.35 percent, at 16,238.20.
Cipla led losses to tumble 3.5 percent despite the drug firm reporting a 25 percent increase in its consolidated net profit for the quarter ended June.
Heavyweight Reliance Industries lost 2.1 percent as the apex court ruled in favor of American e-commerce giant Amazon to stall the sale of Future Group to Reliance.
Future Retail shares slumped 10 percent while Tata Steel, UltraTech and Shree Cement dropped 1-2 percent.
Among the prominent gainers, Tata Consumer Products, Tech Mahindra, IOC, Adani Ports and IndusInd Bank climbed 2-3 percent.
Cues from Asia and Europe were mixed as investors looked ahead to U.S. jobs data due later in the day for clues to the pace of economic recovery and the rate outlook.
Market Analysis
Sensex, Nifty Snap Three-day Record Winning Run
2021-08-06 11:08:17
