Sensex, Nifty end in the red

TIL Desk/Business/Mumbai/ Benchmark indices swung between gains and losses to end the day flat amid lack of global as well as domestic cues. Nifty50 settled the week 0.8% lower, its first weekly loss in six weeks, breaking its longest gaining streak since late 2014 while Sensex ended the week 0.6% lower.

Gains were capped by a sharp correction in pharma and IT stocks on worries over their earnings outlook while ITC, Tata Motors continued to support the market.The S&P BSE Sensex settled at 31,056, down 19 points, while the broader Nifty50 ended at 9,588, up 10 points.

In the broader market, the S&P BSE Smallcap pared gains to finish 0.1% higher after rising 0.5% to hit its record high, while the S&P BSE Midcap index was up 0.2%.

“Market continued to consolidate due to lack of major triggers to support the up move while FIIs were net sellers which add fears to the stability on INR. USFDA overhangs continue to impact pharma which led the index slid by 2%,” said Vinod Nair, Head of Research, Geojit Financial Services.