The Reserve Bank of India has decided to revise ceiling for issue of securities under Market Stabilisation Scheme (MSS) to Rs 6 lakh crore from Rs 30,000 crore earlier.
Nifty closed 106.10 points lower at 8,086.80, while BSE Sensex ended with a loss of 329.26 points at 26,230.66.
On the global front, European markets made a negative start on Friday as political uncertainty in Italy and France intensified. Sunday’s referendum in Italy continues to worry investors as it could spark fresh elections and complicate the recapitalization process of Italian banks. Investors also remained cautious ahead of the US jobs report due tonight.
The India VIX (Volatility) index was up 7.46% at 17.9325. The BSE Midcap closed at 12199.18 and Smallcap indices closed at 12083.20, both indices ending 1% lower.
On the global front, most Asian indices closed in red and marginally down. In Europe, the FTSE 100 was down 0.99%. CAC 40 and DAX was down 1.33% and 0.93% respectively, where all indices were trading in red while, the US Nasdaq was down 1.38%.
Barring information technology stocks, all sectoral indices have opened the day on a positive note with metal, auto and infrastructure stocks witnessing maximum buying interest.
Steel stocks are trading mixed with Tayo rolls and Adhunik metaliks leading the losses. As per an article in The Economic Times, the government has extended the minimum import price (MIP) for 19 colour-coated and galvanized steel products till 4 February 2017, without tweaking the price range. The MIP ranges between US$643 a tonne and US$752 a tonne. The 19 products include semi-finished products of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods.
Gold was trading at Rs 28,263 per 10 gms and silver was trading at Rs 39,728 per kg.
The Indian rupee was trading at 68.23 per US dollar.
Out of 1542 stocks traded on the NSE, 1182 declined and 295 advanced today.
Top 5 Nifty Gainers: Lupin Ltd. (2.10%), Bharti Airtal (1.87%), Hind.Unillver (1.68%), M&M (1.39%) and ONGC (1.39%).
Top 5 Nifty Losers: HDFC (-2.73%), TCS (-1.50%), Dr Reddys Lab (-0.75%), Wipro (-0.70%) and Sun Pharma (-0.62%)
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