Sensex and Nifty end flat as gains are offset by profit booking in IT stocks

The NSE Nifty 50 index closed down 0.01% at 15,923.40, while the S&P BSE Sensex fell 0.04% at 53,140.06. Both indexes ended the week up nearly 1.5%, their first weekly gain in three.

The Nifty Pharma index, which lost 0.27% on Thursday, hit a record high and closed up around 1.2% on Friday. (Photo: Reuters)

Indian stocks fell from record highs to close little changed on Friday as gains in metals and pharmaceuticals stocks were offset by a profit-taking spree in the IT sector.

The NSE Nifty 50 index closed down 0.01% at 15,923.40, while the S&P BSE Sensex fell 0.04% at 53,140.06. Both indexes ended the week up nearly 1.5%, their first weekly gain in three.

The Nifty IT index closed down 1.07% on Friday but gained 2.5% for the week, supported by strong results from software services heavyweights including Infosys Ltd, MindTree Ltd and Wipro Ltd.

As several Indian startups go public to cash in on cash from overseas funds, investors are wary of lofty valuations fueling a range-bound move in the two major indexes.

Digital payments startup Paytm has filed an initial public offering of up to 166 billion rupees ($2.23 billion), according to its draft documents submitted to the country’s market regulator.

A $1.3 billion stock offering by food delivery startup Zomato was nearly eight times oversubscribed before its close on Friday.

The Nifty Metal Index rose 1.05%, lifted by gains from Tata Steel and JSW Steel, a day after the world’s biggest producer, China, recorded a drop in crude steel production.

The Nifty Pharma index, which lost 0.27% on Thursday, hit a record high and closed up around 1.2% on Friday.

Shares of Angel Broking soared 20% to a record high and found themselves stuck in their upper circuit, after the broker’s consolidated profit in the June quarter more than doubled.

Global equities held steady as US Treasury yields hovered near multi-month lows on Friday, with markets looking to US consumer data as the next test of the Federal Reserve’s dovish rate outlook.

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