India stock benchmarks log weekly gains

MUMBAI: India’s stock benchmarks fell on Friday, as investors were cautious ahead of the US Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium, but expectations of tax reforms helped the indexes log weekly gains.

The Nifty 50 ended 0.85% lower at 24,870.10 points on the day, while the BSE Sensex fell 0.85% to 81,306.85.

For the week, both indexes rose 1%, fuelled by gains in autos and consumer stocks on hopes of a demand boost from revisions in the goods and services tax (GST) and S&P’s recent sovereign rating upgrade.

Auto and consumer durables led sectoral advances for the week, rising 5% and 4%, respectively.

Thirteen of the 16 major sectors fell on Friday, with heavyweight financials declining 1%.