India’s key benchmark indices ended lower on Friday as banking and financial names slipped in trade. However, buying in heavy weights such as Reliance Industries (RIL), Tata Consultancy Services (TCS), SBI, among others ensured indices record their fourth consecutive week of gains. Sensex and Nifty added 1.5% each.
IT bellwether TCS kickstarted April-June quarter earnings release.
The flavour of the week ahead will be earning release from other corporate while Coronavirus cases and global cues are to be keenly watched.
IIP data released on Friday after market hours are set to guide markets lower on Monday.
The pace of contraction of India’s factory output slowed in May, falling 34.7% on year from 57.6% contraction in April, calculations based on data released by the government on Friday showed. The government did not provide a number for the change in output from May 2020 but said the number of units responding has improved as compared to the earlier months of lockdown. The Ministry of Statistics & Programme Implementation also revised the contraction in April from 55.5% earlier.
FIIs pulled out while many domestic institutions run into the safety of government bonds.