Indian shares end lower on SBI slump

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A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India June 20, 2016. REUTERS/Danish Siddiqui/Files

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BENGALURU, May 13 (Reuters) - Indian shares ended lower for a sixth straight session on Friday, reversing from earlier gains as poor earnings from top lender State Bank of India offset a jump in Tata Motors.

The NSE Nifty 50 index (.NSEI) closed 0.16% lower at 15,782.15 and the S&P BSE Sensex (.BSESN) fell 0.26% to 52,793.62, having risen more than 1% earlier in the session.

The indexes logged their fifth straight week of losses, the longest weekly losing streak since 2020.

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Sentiment was also weighed down by higher oil prices, which pressure the trade and current account deficits of India - the world's third-largest importer and consumer of oil.

"We are continuing to see foreign investors selling and the market bounce back today had given some investors an opportunity to sell at a better price and crude prices have moved up, so sentiment for India is still negative," said Neeraj Dewan, director at Quantum Securities.

Foreign investors sold $1.81 billion worth Indian equities this week, compared with outflows of worth $635 million in the previous week.

The market is unlikely to see a sustained rebound unless there is some improvement on the macro front, such as inflation or crude prices, Dewan said.

Data on Thursday showed India's annual retail inflation rose by a more-than-expected 7.79% in April, staying above the central bank's tolerance band of 6% for a fourth straight month. read more

Conglomerate Reliance Industries (RELI.NS) - India's most valuable company - closed 1.1% higher to snap a nine-day losing streak.

Bajaj Finance (BJFN.NS) and Bajaj Finserv (BJFS.NS) were among the top drags on the Nifty 50, falling 1.4% and 1.9%, respectively.

State Bank of India (SBI.NS) ended down 3.9% after touching a two-month low due to a weaker-than-expected profit for the fourth quarter. read more

The Nifty's auto index

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Reporting by Rama Venkat in Bengaluru; Editing by Aditya Soni

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