Benchmark indices gained on Friday, while investors awaited the outcome of a no-confidence motion against the government.
A no-confidence motion is currently underway in parliament against Prime Minister Narendra Modi’s government.
IT stocks such as Infosys and HCL Technologies, gained as the rupee hit an all-time low. The Nifty IT index was trading up by 1.5 per cent.
Among individual stocks, Bajaj Finserv hit a record high, after the Bajaj Group-owned asset & wealth management firm posted a 41 per cent surge in its first-quarter profit on Thursday.
Bajaj Auto, on the other hand, dipped 8% after the company reported a lower than expected 21% year on year (YoY) growth in standalone net profit Rs 11.15 billion in June quarter (Q1FY19). Analysts on an average had expected profit of around Rs 13 billion for the quarter
The Lok Sabha on Friday took up a no-confidence motion against the government for debate and voting, two days after the start of the monsoon session. Top guns of the Congress and the Bharatiya Janata Party (BJP) are taking part in the debate, which will conclude with a reply from Prime Minister Narendra Modi. GET ALL LIVE UPDATES HERE
The rupee hit a record low of 69.13 per dollar in early trade on Friday, tracking weakness in the yuan with traders monitoring the domestic stock market for further direction.
In the global markets, Asian stocks eked out modest gains on Friday as investor caution prevailed amid concerns about the European Union imposing retaliatory tariffs on US goods while US President Donald Trump’s criticism of Federal Reserve policy knocked the dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent, while South Korea’s KOSPI edged up 0.07 per cent. Japan’s Nikkei reversed earlier modest losses to rise 0.2 percent, lifted as the dollar came off lows versus the yen.