BENGALURU: Indian shares ended lower on Friday, once again succumbing to profit booking after hitting all-time highs, although they locked in a third straight week of gains powered by a rally in financials and the return of foreign investors.
The NSE Nifty 50 fell 0.28% to end at 23,501.1, while the S&P BSE Sensex lost 0.35% to finish at 77,209.80, but managed to eke out gains for the week.
However, the Nifty’s 0.15% rise this four-day week was less than the 0.75% it rose last week and its 3.37% surge the week before. The index traded in a sub-300 point range for the second week in a row.
The small- and mid-caps were muted on the day, but also rose for a third straight week.
There will be profit booking near record high levels, especially when valuations across the markets are high, said Neeraj Dewan, director at Quantum Securities.
The near-term move will depend on India’s budget in July, monsoon trajectory and upcoming earnings season, Dewan said.
Energy, consumer and auto stocks dropped between 0.6% and 1.25% on the day, while private banks snapped a four-session rally.
The bright spot was IT stocks, which gained 0.76% after US peer Accenture gave an upbeat annual revenue growth forecast, signalling demand in the key US market.
While down on the day, private banks gained 4.17% this week, the most among Nifty sectors, which Dewan said was due to “valuation comfort” and the return of foreign money.
Comments
Comments are closed.