By Vivek Kumar M and Bharath Rajeswaran
(Reuters) -India’s benchmark indexes fell for the fourth straight session and recorded weekly losses, weighed down by auto and pharma stocks on uncertainty over the impact of U.S. trade policy.
The Nifty 50 ended 0.51% lower at 22,795.90 on Friday, while the BSE Sensex fell 0.56% to 75,311.06. For the week, the benchmarks have fallen 0.58% and 0.83%, respectively.
Both indexes ended at their lowest since early June on Friday.
This is the second consecutive week of losses for the blue-chips as uncertainty over U.S. tariffs dented sentiment, while a persistent moderation in earnings and foreign outflows added to the losses.
Seven of the 13 major sectors logged losses for the week.
Pharma stocks have lost 2.1% this week as President Donald Trump said he intends to impose at least 25% tariffs on the sector. The U.S. accounts for nearly 31% of India’s total pharma exports.
“Market sentiment is likely to remain muted to negative in the near term due to prevailing uncertainty over the U.S. tariff landscape,” said Harsha Upadhyaya, chief investment officer of equity at Kotak Asset Management Company.
IT, which also gets a significant portion of its revenue from the U.S., slid about 2% this week.
Autos dropped 2.6% this week on worries over competition as reports said that India may slash the import duty on electric vehicles to 15% from 110% as Tesla prepares to enter the market.
Car maker Mahindra & Mahindra fell 6% on the day while TVS Motor Company and Tata Motors shed about 4% and 2.5%, respectively.
Midcap and smallcap stocks rose 1.7% and 1.5% for the week. They fell 7.4% and 9.4% a week ago, their worst since March 2020.
Analysts said that recent decline in the segments provided ground for a temporary pullback.
(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala, Varun H K and Sonia Cheema)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.