By Bharath Rajeswaran and Vivek Kumar M
(Reuters) -India’s stock benchmarks traded flat on Friday, as investors booked profits following a six-session rally driven by hopes of easing global trade tensions and a potential rebound in domestic corporate earnings.
The Nifty 50 fell 0.01% to 25,889.95, while the BSE Sensex shed 0.03% to 84,532.09, as of 9:47 a.m. IST. Both benchmarks had opened about 0.2% higher.
They gained about 3% in the last six sessions, and are trading about 1.5% below record high levels last seen in September 2024.
“Intermittent profit booking after the recent rally cannot be ruled out,” said Siddhartha Khemka, head of research, wealth management, at Motilal Oswal Financial Services.
Investors seem hesitant at current levels even if the overall market sentiment remains optimistic, said two analysts.
Ten of the 16 major sectors logged losses. The small-caps and mid-caps traded flat.
Fast-moving consumer goods companies fell 1.2%, dragged by a 3.6% fall in Hindustan Unilever and 3% drop in Colgate-Palmolive India, after they posted a decline in their September quarter profit.
Metal index gained 1.3%, tracking global metal prices after the White House confirmed a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea next week. [MET/L]
Federal Bank gained 1.5% after an affiliate of U.S. private equity major Blackstone bought a 9.99% stake in the lender.
Defence companies such as Bharat Electronics and Mazagon Dock rose 1%, while Cochin Shipyard, BEML and Garden Reach Shipbuilders gained about 1.5% each. Bharat Dynamics rose 2.5%.
The Defence Acquisition Council approved procurement proposals worth about 790 billion rupees. The approvals open up new opportunities for key domestic defence companies, said ICICI Direct Research.
Cipla is up 1.6% for the week, despite a 2.5% drop on the day, after the drug maker signed a distribution and promotion agreement with Eli Lilly to sell weight-loss drugs in India.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Harikrishnan Nair)
