Indian shares lower

Indian shares ended lower on Friday, weighed down by losses in financials stocks such as HDFC Bank Ltd, while gains in auto stocks including Maruti Suzuki Ltd and Bajaj Auto Ltd capped losses. The broader NSE index closed 0.37 percent lower at 10,696.20 while the benchmark BSE index was down 0.27 percent at 35,227.26.
However, both the indexes ended the week 0.9 percent higher. HDFC Bank, the top drag on the indexes, lost 1.4 percent.
Maruti Suzuki rose 3.2 percent while Bajaj Auto ended 5.3 percent higher. "The next big trigger will be how the monsoon pans out," said Gaurang Shah, head investment strategist, Geojit Financial Services.
India's weather office on Wednesday retained its average monsoon rains forecast.
"We have come a long way, so possibly we will see some amount of consolidation. Markets will likely drag around 10,750 level."
Technicals suggest that the NSE Index which broke above a resistance at 10,706 on Thursday may test another one around 10,883.7 level.
Both the indexes were on track to end the week more than 1 percent higher.
Meanwhile, government data showed on Thursday that Indian economy grew 7.7 percent year-on-year in January-March, its quickest pace in nearly two years driven by higher growth in manufacturing, the farm sector and construction.
The faster pace of growth in the latest quarter might also strengthen expectations of an interest rate increase by the Indian central bank in its reviews monetary policy next week. Auto stocks gained, with Maruti Suzuki Ltd, up 2.1 percent and Bajaj Auto Ltd, up 5 percent, leading the gains. Both the automakers reported strong sales in the fourth quarter.
However, Eicher Motors Ltd dropped 3.4 pct despite the company posting a 23 percent rise in motorcycle sales.
Financial stocks lost momentum, with HDFC Bank Ltd falling over 1 percent. State-run lenders also declined with the Nifty PSU bank index declining 1.5 percent.
But, shares in ICICI Bank were 1.4 percent higher, after the lender denied media report that it has asked its Chief Executive Chanda Kochhar to go on leave until an independent inquiry on alleged cases of impropriety is concluded. Shares had earlier gained as much as nearly 5 percent.