Indian shares fell on Friday, posting their first weekly loss in five, as investors braced for yet another weak quarter of earnings and after a torrid session in Asia following tepid Japan business sentiment data. The broader NSE index fell 0.33 percent to end at 7,713.05, while the benchmark BSE index dropped 0.28 percent to close at 25,269.64, retreating from a nearly three-month high hit on Thursday.
The BSE index fell 0.27 percent for the week, after four straight weekly gains, while the NSE index eased 0.04 percent. During midday trade, business sentiment among Japan's big manufacturers deteriorated to the lowest in nearly three years and is expected to worsen in the coming quarter, a closely watched central bank survey showed on Friday.
Asian shares and the dollar both lost more ground as investors began the new quarter in a cautious mood, with glimmers of life in China's economy offset by a darkening mood in Japan. Markets back home were also a bit groggy after rallying about 10 percent in March following a fiscally prudent federal budget and amid expectations of a 50 basis point rate cut by the central bank on April 5. Analysts have been cutting projections for the March quarter, due to a surge in bad loans for Indian banks, oil price slump and weak global demand.
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