Indian shares ended lower on Friday, snapping a straight run of five weekly gains, tracking global cues with drugmakers and information technology counters weighing on sentiment. The benchmark BSE index closed down 0.53 percent at 34,915.38, slipping 0.2 percent for the week. The broader NSE index ended 0.57 percent lower at 10,618.25 and closed the week with a 0.7 percent fall.
Asian shares stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial markets turned their attention to looming US payrolls data for fresh catalysts. "Domestically, there is a scenario that markets have been overvalued, as well as political developments ahead of elections," said Dhananjay Sinha, head of institutional research, Emkay Global Financial Services, adding that global overhang also persisted.
The Nifty IT index extended losses into a third consecutive session. The index had gained nearly 12 percent in the previous month on the back of a weaker rupee and strong earnings from IT majors. Pharma stocks pushed both indexes lower, with the Nifty Pharma index falling as much as 1 percent. Sun Pharmaceutical Industries Ltd slid up to 2.3 percent and was the top drag. JSW Energy, Castrol India Ltd and Hexaware Technologies Ltd dropped after their March-quarter results failed to please investors.
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