Nifty, Sensex post third weekly fall; auto, financials drag

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Jun
21

BENGALURU (Reuters) – Indian shares settled lower on Friday, marking their third weekly decline, as uncertainty over the U.S.-China trade negotiations and rising oil prices outpaced investor euphoria around the Federal Reserve’s rate-cut signals.

The broader NSE Nifty closed down 0.91% at 11,724.10, while the benchmark BSE Sensex ended 1.03% lower at 39,194.49. For the week, the Nifty and Sensex closed down 0.78% and 0.68%, respectively.

The Nifty auto index was down 1.22% at the closing bell, as the sector battles production cuts and lean demand for passenger vehicles.

Sector heavyweights Maruti Suzuki and Hero Motocorp ended 3% and 2.24% weaker, respectively. Earlier in the session, Maruti’s shares were among Nifty’s top losers after it warned of price increases on one of its top-selling cars, as it copes with new emission norms.

Mortgage lender HDFC closed 2.66% down, denting the financial sector, whose index ended 0.85% weaker.

Among gainers, ICICI Bank closed 3.1% firmer.

Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips

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