India’s benchmark share indices wiped off all gains in the last hour of trade on Friday. Earlier, stocks as well as the rupee had risen after the government said it would stick to its borrowing and fiscal deficit targets for the 2017-’18 financial year. The rise in the indices earlier also came on the back of continued buying from domestic investors.
The Nifty50 did not sustain its 9,800 level and ended the day only 0.2% higher, at 9,788.60 points. The Bombay Stock Exchange Sensex was flat at 31,283.72 points.
The broad market sentiment was positive, with two stocks rising on the Sensex for each that declined during the day.
On Thursday, both indices had snapped their longest losing streak this year, gaining for the first time in eight sessions.
Automobile stocks traded higher because of the upcoming festival season, with Nifty Auto gaining 1.2%.
Shares of Gail India, India’s biggest gas transporter, were among the major gainers on the National Stock Exchange after the Petroleum and Natural Gas Regulatory Board proposed a unified pipeline tariff.
Realty major Hindustan Construction Company rose 2% on Friday, a day after its unit Lavasa Corp said its lenders would convert part of their loans into equity and would infuse fresh funds in its township project.
The Nifty Realty index ended the day 2.7% higher than the previous close.
The rupee also made gains following the government’s announcement and was trading at 65.35 against the US dollar, against 65.50 at close on Thursday.