May 16 (Reuters) – India’s benchmark indexes inched lower on Friday, due to a pullback in high-weight financial and information technology stocks after a rally this week.
The Nifty 50 (.NSEI), opens new tab fell 0.22% to 25,007.50 and the BSE Sensex (.BSESN), opens new tab lost 0.26% to 82,313.90 as of 10:23 a.m. IST. The indexes hit seven-month highs on Thursday after U.S. President Donald Trump said that India has offered a trade deal with zero tariffs. They have risen about 4% in the last four sessions, bolstered by a ceasefire between India and Pakistan after a recent border flare up.
Seven of the 13 major sectors logged gains on the day but information technology stocks declined 0.7% and heavyweight financials dipped 0.3%, keeping the benchmarks in the red. The IT index (.NIFTYIT), opens new tab rose nearly 7% over the last four sessions, helped by easing recession worries in the world’s largest economy after the U.S.-China trade truce. Financials (.NIFTYFIN), opens new tab gained about 4% over the same period.
India’s more domestically-focussed small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab rose 1.1% and 0.6% on the day, led by defence stocks and a post-results rally in constituents such as Crompton Greaves Consumer (CROP.NS), opens new tab. Meanwhile, IndusInd Bank (INBK.NS), opens new tab fell 2.5% after multiple brokerages downgraded the stock on governance concerns after the private lender said it found $79 million incorrectly recorded interest in its microfinance unit.
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