India shares snapped a more than 1,000-point rally over the last six sessions to close lower on Thursday, with losses in financials outweighing gains in information technology and metal stocks.
The NSE Nifty 50 bluechip index ended down 0.32% at 10,029.10, while the S&P BSE Sensex slipped 0.38% to 33,980.70. The Nifty 50 has risen 4.7% so far this week, after a similar rally last week.
The Nifty banking index fell 2.63%, but was still up 5.7% for the week, following an 11.7% surge last week. Among stocks, Housing Development Finance Corp Ltd and HDFC Bank Ltd were the top drags on the Nifty 50 index, ending down 3.89% and 2.01%, respectively.
A drop in the Nifty Realty index added to the overall losses. Commerce and industry minister Piyush Goyal asked developers on Wednesday to cut prices and offload inventory instead of waiting for the market to recover.
Meanwhile, the Nifty IT index closed 1.85% higher, while the metals index gained 1%. Vedanta Ltd was the top gainer in the Nifty 50 index, ending up nearly 8%.
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Indian shares closed lower on Friday as record daily increases of domestic coronavirus cases threatened to disrupt an economic recovery, with financial stocks taking the brunt of the losses.
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The Indian rupee logged its worst week against the dollar in 14 weeks
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Sterling traded slightly lower versus the U.S. dollar and was unmoved against the euro on Friday
10 Jul 2020 11:51 AM
Indian shares fell on Friday as a relentless surge in domestic coronavirus cases threatened to disrupt an economic recovery, although gains in pharmaceuticals and heavyweight Reliance Industries helped limit losses.
10 Jul 2020 11:15 AM
The yuan pulled back from a four-month high against the dollar on Friday as China's stock market rally ran out of steam
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Gold was set for a fifth straight weekly gain on Friday as worries over a spike in U.S. coronavirus cases kept the safe-haven metal near the technical $1,800-per-ounce threshold.