Indian shares closed higher on Friday, marking their fifth straight winning week, led by gains in financials such as Housing Development Finance Corp Ltd. The broader NSE index closed 0.75 percent higher at 10,821.85, while the benchmark BSE index ended up 0.73 percent at 35,689.60.
For the week, the NSE index gained slightly, while the BSE index inched up 0.2 percent. HDFC shares finished 2.7 percent higher in the session.
"I think domestic institutions are losing muscle power in terms of shouldering the markets from pain points," said Saurabh Jain, AVP - Research at SMC Global Securities, adding some amount of correction was "very much" required. The Nifty energy index shed 1.1 percent, as global oil prices rose on uncertainty over whether the Organization of the Petroleum Exporting Countries would manage to agree on a production increase at a meeting later in the day.
Reliance Industries was down 1.9 percent, while Hindustan Petroleum Corp Ltd inched 0.6 percent lower. In Asia, shares ex-Japan clawed back after earlier sliding to their lowest level in six months on signs US trade battles with China and many other countries were starting to chip away at corporate profits.
"People are wary of this trade protectionism policy. Things between the United States and China are becoming worse," Jain said. Financial stocks also fell, with IndusInd Bank Ltd declining 1.6 percent, although IDBI Bank Ltd climbed 2.3 percent on reports that the government was considering selling a stake to the Life Insurance Corporation of India. AstraZeneca Pharma India Ltd rose 3.1 percent after it received approval to market its cancer drug in the country.