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Indian shares fall as financial stocks, Reliance Industries weigh

BENGALURU, June 18 (Reuters) - Indian shares were weighed down on Friday by losses in financials stocks and Reliance Industries, while investors assessed the impact of the U.S. Federal Reserve’s hawkish turn earlier this week.

The blue-chip NSE Nifty 50 index fell 0.77% to 15,571.30 and the benchmark S&P BSE Sensex lost 0.67% to 51,972.41 by 0500 GMT.

The Nifty 50 and Sensex are set for their first weekly fall in five, after shedding 0.68% and 0.29%, respectively, as of Thursday’s close. The U.S. Federal Reserve’s indication that it would raise interest rates sooner than expected has weighed on the markets.

“Most of the positives (easing of COVID-19 restrictions due to fall in daily infections) are already factored in by the market. It still looks to be a buy-on-dips kind of market. So, at lower levels, we might see some buying coming in and that could give a support to the market,” said Gaurav Garg, head of Research at CapitalVia Global Research.

ICICI Bank Ltd, State Bank of India and Reliance Industries Ltd were among the top drags on the Nifty 50, losing between 0.6% and 2.1%. Shares of Reliance have gained in the last five trading sessions out of eight.

Countering some of these losses were software services firms Infosys Ltd and Tata Consultancy Services Ltd , rising 0.6% and 0.2%, respectively.

The Nifty IT index was up 0.14%. For the week so far, including Friday’s gain, it is up 1.5%.

Adani Ports and Special Economic Zone Ltd was also among the top boosts on the Nifty 50, gaining 1.4% after eight straight sessions of losses. The stock is headed for its worst ever weekly fall even after the company this week rejected a media report that said accounts of three foreign investor funds that own the Group’s stocks were frozen. (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)

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