Indian shares post weekly losses as elevated crude keeps sentiment subdued

MUMBAI: Indian shares rose on Friday after declining for four straight sessions but logged weekly losses as high crude prices and bond yields earlier in the week outweighed robust domestic growth and tax-collection data.

The Nifty 50 rose 0.1 percent to 23,897.7, while the Sensex gained 0.48 percent to 76,515.43. Ahead of the closing auction, the indexes were up 0.27 percent and 0.65 percent, respectively.

For the week, the benchmarks lost 1.2 percent and 1 percent, marking their fourth consecutive weekly decline and their longest losing streak in five months.

Brent crude jumped about 7 percent this week as intensifying US-Iran hostilities stoked inflation concerns and drove global bond yields higher, pressuring risk assets.

The auto index lost 4 percent on concerns that sales growth could slow amid a high base and potentially weaker rural demand following a rainfall deficit. Maruti fell 5.1 percent, while Mahindra and Mahindra lost 4.9 percent.