BENGALURU (Reuters) - Indian shares posted their first weekly decline in more than a month on Friday due to a selloff in Reliance Industries RELI.NS, but gains in State Bank of India SBI.NS and pharma stocks kept losses in check.
The NSE Nifty 50 index .NSEI fell 0.26% to 11,073.45 and the S&P BSE Sensex dropped 0.34% to 37,606.89. For the week, the NSE and BSE indexes slid for the first time since mid-June by 1.08% and 1.37%, respectively.
On a monthly basis, however, Nifty and Sensex were up 7.5% and 7.7%, respectively.
Shares of Reliance Industries, India’s most valuable company, fell as much as 2.7% in the session, after the company’s revenue from operations fell almost 44% as the coronavirus crisis slammed its refining and petrochemicals businesses.
The conglomerate’s stock had gained for eight out of the last 10 sessions and saw its market capitalization cross 13 trillion rupees ($174.01 billion) during that time.
State Bank of India (SBI), India’s biggest lender by assets, rose as much as 4.4% after its profit surged and bad-loan provisioning fell in the quarter to June.
SBI's results boosted the Nifty state-owned banking index .NIFTYPSU up 1.2%.
Sun Pharma's rival Cipla rose over 5% and topped the Nifty gainers. Smaller drugmakers Laurus Labs LAUL.NS and Torrent Pharma TORP.NS advanced 19% and 13%, respectively, after they reported strong results.
India’s coronavirus cases surged by over 55,000 in the past 24 hours to 1.64 million, government data showed. A Reuters poll published on Wednesday said the outlook for Asia’s third-largest economy has worsened as business activity slows due to infections.
Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich
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