India's equity benchmarks log weekly losses as IT stocks drag
The Nifty 50 fell 1.22% to 25,149.85 points this week, while the BSE Sensex lost 1.12% to 82,500.47.
IT was the biggest sectoral loser as it fell 3.8% this week due to weak TCS earnings and uncertainty over U.S. President Donald Trump's tariffs.
U.S. President Donald Trump on Thursday said he would impose a 35% tariff on Canadian imports starting next month and consider blanket tariffs of 15% to 20% on most other trading partners.
Meanwhile, investors continued to wait for a trade deal between the U.S. and India.
'The market is in dilemma as the wait for a trade deal with the U.S. continues. Traders are not confident about taking any major positive bets in this uncertain environment,' said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.
Indian equity benchmarks edge lower as Reliance, metals losses outpace consumer gains
Agrawal said the Jane Street episode has further impacted sentiments, with derivatives volumes taking a hit.
On Friday, the benchmark indexes slid about 0.8% each, dragged by losses in IT stocks. TCS lost 3.4% after weak results, which also pulled its peers Infosys and Wipro lower.
Eleven of the 13 major sectors fell during the week. The broader small- and mid-caps lost 1.4% and 1.7%, respectively, snapping a two-week winning streak.
Bucking the trend, Hindustan Unilever jumped 7.7% for the week, marking its best performance in a year, as the consumer goods maker named Priya Nair, an insider at parent Unilever, as its chief executive.
Among other stocks, Glenmark Pharmaceuticals surged 14.6% on Friday after its unit signed an exclusive licensing deal with U.S. peer AbbVie for its cancer treatment.
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