The Indian stock benchmark indices closed in loss for 8th consecutive session on Friday, amid rising tensions between the United States and China. Asian stocks also remained passive during the week amid concern of a trade war.
The BSE Sensex closed 0.26% lower at 37,463, down 3.8% for the week. The broader NSE Nifty50 ended 0.2% at 11,279, falling 3.7% for the week. The Nifty MidCap index declined 2.5% for the week.
On Friday, the downfalls in index were dragged by technology stocks (IT) and metal stocks. All sectoral stocks witnessed selling pressure for the week, in which the Nifty Media stocks declined the most, down 6.7%. The other losers followed are:- Nifty Metal (-6.3%), the Nifty Energy (-5.9%) and the Nifty Realty (-4.3%) for the week.
Among Nifty Losers, Tata Motors Ltd was the worst performing stock for the week, down 11.7% after the retail sales of, JLR in April 2019 were 39,185 vehicles, down 13.3%, year on year.
The Nifty Metal was the best performing sector, which was gained 1.1% followed by Nifty Energy, which was up 0.8%
TCS was the only gainers on the Nifty50 index for the week, up 0.18%, as the rupee declined due to rising US-China trade war concerns. TCS also surpassed Reliance Industries Limited in market capitalization on May9.
Shares of Reliance Industries declined 11.6% for the week after Morgan Stanley downgraded the stock.