BENGALURU, Aug 19 (Reuters) - Indian shares ended lower on
Friday, with the benchmark Nifty 50 index snapping an
eight-session winning streak, as investors locked in profits
after the sharp rally.
The NSE Nifty 50 index closed down 1.1% at
17,758.45, recording its biggest percentage fall in nearly two
The S&P BSE Sensex dropped 1.08% to 59,646.15 in
its first fall in six sessions. The decline marked the index's
biggest percentage loss since June 22.
Still, both indexes notched up their fifth week of gains,
with the Nifty 50 adding 0.34% and the Sensex 0.3% for the week.
Bank stocks led the fall, with the Nifty PSU bank index
closing down 2.7%. Canara Bank and Bank of
Baroda were the top losers on the index.
IndusInd Bank and Bajaj Finserv were the
top losers on the Nifty 50 index, down 3.8% and 3%,
Auto and consumer stocks, the major drivers of the recent
rally, also declined on Friday. Tata Motors ended 2.9%
lower, while Hindustan Unilever fell 1.8%.
The Nifty Auto index closed down 1.4%, having
risen 4.7% so far this month.
Shares of oil-to-telecoms conglomerate Reliance Industries
Ltd fell 1.8% following an overnight announcement on
government raising tax on fuel exports after cutting them a
little over two weeks ago, and slashing a windfall tax on
locally produced crude oil.
Bucking the trend, IT stocks gained, with the Nifty IT index
ending up 0.06% after having risen as much as 1.5%
earlier in the session.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Dhanya Ann
Thoppil and Neha Arora)