Indian shares log longest weekly losing streak

BENGALURU: Indian shares posted their longest weekly losing streak since May 2022 on Friday, dragged by IT stocks, as concerns over US interest rates and China’s flagging economic recovery dampened risk appetite.

Both the blue chips Nifty 50 and Sensex declined for a fourth consecutive week. The Nifty 50 has lost 3.4% since hitting a record high on July 20.

The Nifty 50 index closed 0.28% lower at 19,310.15 on the day, while the S&P BSE Sensex fell 0.31% to 64,948.66.

Information technology (IT) firms shed 1.47% and was the top sectoral loser.

Tata Consultancy Services, Infosys, Wipro were among the top Nifty 50 losers, falling between 1% and 2%.