Indian shares log weekly losses as earnings worries overshadow IT gains

NEW DELHI: Indian bluechip indexes fell on Friday and logged weekly losses on worries about corporate earnings, while IT stocks gained after comments from sector-leader TCS indicated early signs of a demand revival.

The Nifty 50 shed 0.4% to 23,431.5 points, while the BSE Sensex declined 0.31% to 77,378.91.

Both the indexes fell about 2.4% this week, snapping a two-week winning streak.

Twelve of the 13 major sectors logged weekly losses. The broader, more domestically focussed smallcaps and midcaps lost about 7.3% and 5.8%, respectively.

The only outlier was the IT sector, which rose 3.4% on the day, helping close the week with a 2% gain.

The country’s top IT firm Tata Consultancy Services jumped 5.6% on the day, adding 4% for the week - the most among Nifty 50 members - after it said it was betting on Donald Trump’s regime to revive client confidence and discretionary spending in North America, a key market for IT companies.