DAILY MARKET REPORT
Extending losses for second consecutive week, benchmark indices settled marginally lower in a volatile session as investors stayed cautious in the earnings season. Nifty50 slipped below 9,100, dragged by index heavyweights like Sun Pharma and ITC. However, RIL and HDFC Bank supported the market. The quarter results till date has painted a mixed picture while concern over upcoming French election is adding risk to the market. A hawkish tone of RBI in its latest minutes has also added pressure on the downside. The Sensex ended down 57 points at 29,365 and the Nifty ended down 17 points at 9119.
Asian stocks were set to end the week on a positive note, unscathed by a US trade probe on Chinese steel exports, while the euro remained on edge ahead of Sunday's first round in a tight French presidential election after a shooting overnight in Paris that was claimed by Islamic State. Japan's Nikkei advanced 0.8%, on track for a weekly gain of 1.4%. Chinese shares in Shanghai added 0.1%, set for a 2.2% weekly drop, their worst since mid-December. Hong Kong stocks were little changed, heading for a 0.8% loss for the week.
European shares advanced in early deals on Friday, though France's benchmark CAC 40 declined slightly ahead of the first round of voting in the French presidential election. The pan-European STOXX 600 index was up 0.1%, on track to mark its third session of straight gains, while France's CAC fell 0.4%.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5% on Friday, taking its cue from Wall Street's solid performance overnight on expectations of strong first-quarter earnings growth. It is still poised for a 0.4% weekly loss.