Sensex Ends Range-bound Session Slightly Lower

(RTTNews) - The Indian markets ended a range-bound session slightly lower on Friday, as caution set in ahead of GDP data slated for release later in the day and the next RBI policy meeting scheduled for June 3rd.

The benchmark S&P BSE Sensex slipped 16.81 points or 0.07 percent to 24,217.34, while the broader CNX Nifty Index closed down 5.70 points or 0.08 percent at 7,229.95.

Lenders such as Axis Bank, ICICI Bank, HDFC Bank, SBI and Bank of Baroda fell 2-4 percent, state-run oil firm BPCL lost 3.2 percent and mortgage lender HDFC shed 2.1 percent. Tata Motors declined 1.9 percent and Tata Chemicals tumbled 3.6 percent on disappointing quarterly results.

BHEL eased 0.8 percent after unveiling its Q4 results. Jammu & Kashmir Bank tumbled 19 percent on asset quality concerns.

Reliance Industries declined 0.7 percent after the Comptroller and Auditor General of India pulled up the company for charging a rate exceeding the government-mandated price for its KG-D6 gas fields and not including the marketing margin for calculating royalties and government's share.

On the flip side, FMCG player Hindustan Unilever topped the gainers list, climbing 7.3 percent to Rs. 597.30. State-run power producer NTPC jumped 5.8 percent, Mahindra & Mahindra rallied 4.8 percent after announcing its quarterly results and drug makers such as Dr Reddy's and Sun Pharma rose 3-4 percent.

DLF shares closed 3 percent higher after falling over 4 percent earlier in the day. The realty firm reported a consolidated net profit of Rs 219.68 crore in the fourth quarter ended March versus a Rs 4.19 crore loss in the year-ago period.

Network18 Media & Investments hit the 20 percent upper circuit limit and TV18 Broadcast edged up marginally after Reliance Industries announced it will acquire a controlling stake in the companies for Rs 4,000 crore.

Infosys shares closed up 0.6 percent following the previous session's sell-off. "The selection process for the new CEO is progressing as planned," executive chairman NR Narayan Murthy said. Telecom major Idea Cellular rallied 3.5 percent after launching 3G services in Punjab.

Defense-related companies gained ground on reports the government may allow 100 percent FDI in defense sector through the approval route. Bharat Electronics rose 1.7 percent and BEML jumped 6.30 percent.

On the global front, the other Asian markets fell broadly after overnight data showed the world's biggest economy shrank by an annualized rate of 1 percent in the first quarter of 2014, the first contraction since early 2011 despite resilient demand from consumers. Investors also looked ahead to Chinese official PMI data slated for release over the weekend and the June 5 policy meeting of the European Central Bank for further clues on the global economic outlook.

European stocks were mixed in the afternoon after German retail sales posted a surprise fall in April and reports suggested French lender BNP Paribas is facing demands from the U.S. Justice Department to pay more than $10 billion to resolve a criminal probe.