The stock markets closed in the red on Friday on the back of disappointing IIP data and weak global cues.
The Nifty was down 0.74 per cent or 37 points to close at 4,929 while the Sensex fell by 0.77 per cent or 128 points and closed at 16,293. Almost all sectoral indices closed in the red with pharma and health sector stocks being the worst hit.
Head of Fundamental Research, Kotak Securities, Mr. Dipen Shah said: “Markets ended Friday and the week on a sluggish note. The weaker-than-expected IIP number for March had an impact on the markets. The clarification on GAAR earlier in the week and the RBI directive to exporters to convert 50 per cent of their exports into rupees only temporarily improved the sentiments during the week.”
“The currency, which had strengthened slightly post the RBI directive yesterday, depreciated once again verus the dollar on Friday. Markets will start moving up in a sustainable manner only once there are indications of reform initiatives being taken up by the Government,” he added.
Volatility was down, with the India Vix closing almost 1.05 per cent down at 17.82.
JP Associates, Baja Auto, Tata Motors, Sesa Goa and IDFC were the top Nifty gainers while Tata Power, Grasim, Sun Pharma, Ranbaxy and Hindalco were the losers on the Nifty.