BENGALURU: Indian shares closed lower on Friday and extended losses for a fifth straight week, dragged by broad sectoral losses after the Reserve Bank of India’s (RBI) policy meeting minutes flagged near-term inflation risks.

Investors now await US Federal Reserve Chair Jerome Powell’s speech later in the day.

The Nifty 50 index fell 0.62% at 19,265.80, while the S&P BSE Sensex shed 0.56% to 64,886.51.

The Nifty and Sensex lost 0.23% and 0.10%, respectively, for the week. The benchmarks had a similar five-week bear run in April-May 2022.

India’s stock market is due a bit of a breather and the base case is for consolidation to continue further, wrote Chris Wood, the global head of equity strategy at Jefferies in his weekly newsletter - GREED & fear.

All 13 major sectoral indexes declined, with financial services and IT losing 0.34% and 0.64%, respectively.