BENGALURU: Indian shares fell on Friday as traders parsed through key corporate earnings amidst concerns of a global economic slowdown, but held on to weekly gains on a rise in financial stocks.
The Nifty 50 index closed 0.44% lower at 18,027.65, while the S&P BSE Sensex fell 0.39% to 60,621.77.
“Hawkish comments from global central bank officials and macro economic data from the US have exacerbated growth worries,” said Avinash Gorakshakar, head of research at Profitmart Securities, adding that the volatility in Indian markets was also due to “lacklustre” earnings in sectors other than financials.
Strong jobs data from the US and hawkish comments from European Central Bank’s president Christine Lagarde on Thursday had dampened sentiment and triggered fears of rate hikes, dragging global equities.
The India volatility index fell over the last two sessions, but has hovered around the 14 mark for over a month.
Thirty six of the Nifty 50 constituents declined on Friday, with Hindustan Unilever, Asian Paints, Bajaj Finance, Nestle India and JSW Steel among the top losers.
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