Indian shares marked their eighth consecutive session of declines on Friday, the longest losing streak since mid-February, dented by Tata Steel that dropped on worries that its joint venture with Germany's Thyssenkrupp might derail. The broader NSE index closed 0.2 percent lower at 11,278.90, while the benchmark BSE index ended 0.26 percent weaker at 37,462.99.
The NSE index lost 3.7 percent this week, while the BSE index dropped 3.9 percent. Both the indexes posted their worst weekly decline since the week ended Oct. 5, 2018. Tata Steel closed 6.2 percent lower, while IT services firm HCL Technologies was the second-biggest loser on the NSE index, closing 4.4 percent weaker. "Markets were due for a rebound after seven days of continuous fall. However, the uncertainty will remain till election results are out," said Jayant Manglik, President, Religare Broking, adding that the US-China dispute is also worrisome as it will ultimately impact the dollar and global gross domestic product (GDP).
Technicals suggest that the NSE index has support at 11,221, the 50% Fibonacci retracement level on the uptrend from February 19 low to April 18 high, while 11,371, the 38.2% level may act as a resistance. Financials were among the biggest gainers on the main board. Indiabulls Housing Finance Ltd was among top gainers on the NSE index, adding 3.7 percent. State Bank of India, which is due to report results later in the day, rose over 1 percent.
Shares of PNB Housing Finance Ltd surged more than 9 percent after the non-bank lender posted strong March quarter results on Thursday. Among gainers, Jet Airways soared on hopes of a new saviour for the ailing carrier after a report said London-based Adi Partners has put in a bid for Jet.
IT services firm HCL Technologies shed the most on the NSE index, falling as much as 5.6 percent. The stock saw its worst day in nearly five months after the company reported negative growth in its biggest revenue-generating segment of financial services. South Indian Bank shares marked their biggest intraday percentage loss in over three months after it posted a 38 percent plunge in quarterly profit.