MUMBAI: India’s equity benchmarks fell on Friday, logging a third straight weekly decline, as weak earnings from key financial and IT companies dampened sentiment while global trade uncertainty lingered.
The Nifty 50 fell 0.57% to 24,968.4 points on the day, while the BSE Sensex shed 0.61% to 81,757.73. The Nifty 50 and Sensex lost about 0.7% and 0.9%, respectively, this week.
Private banks led sectoral losses with a nearly 2% weekly drop, followed by heavyweight financials and IT, down 1.1% and 1.5%, respectively.
Axis Bank fell 5.2% on Friday and 6.3% for the week after a surprise profit decline.
India’s No. 3 IT company HCLTech lost 5.5% for the week after it cut its full-year operating margin forecast, dashing hopes of a near-term recovery in tech spending. In contrast, Wipro rose 2.4% on Friday and 3.3% for the week after its earnings beat expectations. “The earnings season is still in early stages, and results have been mixed so far,” said Manish Goel, founder and managing director at Equentis Wealth Advisory Services.
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