Reuters Bengaluru, Karnataka, India
Sep 27, 2019, 05.25 PM
Indian shares closed lower on Friday, pressured by auto and metal stocks, as investors hoped for more stimulus to revive the economy.
The broader NSE Nifty ended 0.51 per cent lower at 11,512.40, while the benchmark BSE Sensex closed down 0.43 per cent at 38,822.57.
For the week, however, the markets managed to end higher. The NSE Nifty rose 2.11 per cent and the BSE Sensex gained 2.13 per cent, their best week since week-ending May 24, mainly helped by the government`s move to cut corporate taxes last week.
Among sub-indexes, metals slid 2.64 per cent, pharma closed down 2.06 per cent, while auto declined 1.38 per cent. Meanwhile, the fast-moving consumer goods (FMCG) index managed to stay flat.
Mining conglomerate Vedanta Ltd fell 5.33 per cent to top the NSE blue-chip losers.
Among gainers, Bharti Airtel rose about 1.5 per cent.
Bharat Petroleum Corporation Ltd clocked gains of 16.3 per cent for the week, marking its best week since week-ending Jun. 6, 2014.
India's Strides Pharma Science Ltd hit their lowest since March 2014 at 298.25 rupees, after the company halted sales of its heartburn drug Ranitidine in the US market, as it conducts tests to identify possible cancer-causing impurities in the tablets.
Meanwhile, Lakshmi Vilas Bank fell nearly 5 per cent after Indian police opened a probe into the directors of the lender over misappropriating funds.
The broader NSE Nifty ended 0.51 per cent lower at 11,512.40, while the benchmark BSE Sensex closed down 0.43 per cent at 38,822.57