Indian shares snap six days of gains as financials weigh

Indian shares snap six days of gains as financials weigh

04 Jun 2020 04:13 PM

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%.