Indian benchmarks trim weekly gains on geopolitical concerns

MUMBAI: India’s benchmark indexes declined on Friday, limiting their weekly gains, weighed by broad-based sectoral losses and investor anxiety over geopolitical tensions following a deadly militant attack in Kashmir.

The Nifty 50 fell 0.86% to 24,039.35 while the BSE Sensex lost 0.74% to 79,212.53.

Both the benchmarks rose about 0.8% each this week. IT index jumped 6.6% to log their best week since June 7, 2024.

Analysts attributed the sharp gains in the IT index to better-than-feared earnings outlook by software companies as well as hopes of easing trade tensions.

On the day, twelve of the 13 major sectors declined.

The broader, more domestically focussed small-caps and mid-caps lost about 2.5% each, as investors turned risk-averse after an attack on tourists in Kashmir killed 26 men and heightened geopolitical tensions.