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Stock indices cooled off with investors booking profits after they rallied over 7% in the past seven trading sessions. Indices rallied on growing expectations of a rate cut by the Reserve Bank of India on May 3 as inflation started showing signs of easing.
The Nifty, which has gained 4.1% since the expiry of the last derivatives contract on March 28 may look at some consolidation. Market participants see Nifty facing stiff resistance at 6000 points. On BSE, 658 stocks advanced, 564 declined, and 60 were unchanged. BSE-listed SpiceJet lost 0.3% while Jet Airways fell over 4% on NSE on profit booking after sharp gains in the previous session.
On Thursday, Jet Airways had hit a 52-week high as the company announced selling 24% stake to Etihad Airways. Jan-Mar earnings restricted trading to specific stocks. Idea Cellular shares hit a 52-week high in open trade as the telecom major posted robust quarterly earnings after market hours Thursday. The stock was up 7.4% at 125.15 rupees.
Jindal Steel & Power slipped 1.6% to 324 rupees as its Jan-Mar consolidated net profit of 7.60 bln rupees. In the pharmaceutical space, shares of Sun Pharmaceutical Industries and Lupin declined more than 1% each after hitting record highs in the previous session. Shares of Hikal gained nearly 3% as the company's second pharmaceutical ingredient manufacturing unit has received approval from the US Food and Drug Administration after the completion of an audit.
Concerns that Hero MotoCorp could post dismal set of quarterly earnings today pulled down its shares by nearly 2% . Maruti Suzuki India was down 0.6%, and ICICI Bank fell nearly 2% ahead of their Jan-Mar earnings.
