MUMBAI: The S&P benchmark Sensex on Friday pened flat and traded nearly 50 points below at 41,930 levels, while the broader Nifty50 index gave up the psychological mark of 12,350, down 6 points.
Benchmark indices quickly pared the slight cuts it opened with on Friday as the impact of the Supreme Court judgement on AGR review petitions by telcos impacted some heavyweights.
While the Bharti Airtel shares gained (up 4%), Voda Idea stocks plunged 10%. Meanwhile, Reliance Industries shares also gained over 1 per cent.
IndusInd Bank (down 3%) and State Bank of India (down 2%) were also among the top laggards.
The Nifty sectoral indices were trading mixed. Nifty PSU Bank index slid 1.4 per cent while Nifty Bank was down 0.9 per cent. On the other hand, Nifty Pharma index ticked up 0.3 per cent.
Reliance Industries is expected to report a 10-14 per cent yearly rise in profit for the December quarter. Retail and telecom businesses may do well, but petro-chemical business may show some weakness.
TCS is expected to report a flat profit growth on the slowdown in banking & financial services and retail segments. Another IT firm HCL Technologies is expected to report a modest rise in profits.