BENGALURU, Sept 17 (Reuters) - Indian shares retreated from
record highs on Friday but posted their fourth straight week of
gains as a series of government support schemes boosted
sentiment across sectors.
The blue-chip NSE Nifty 50 index index ended down
0.3% at 17,585.15, while the benchmark S&P BSE Sensex
fell 0.2% to 59,015.89.
Both the indexes gained more than 1.2% for the week,
extending a run that has made them the best performing Asian
equities so far this year thanks to an accommodative monetary
policy and easing COVID-19 curbs.
"There is also support from an expected postponement of the
tapering of bond-buying as inflation remains under control ...
liquidity continues to pour in," said KK Mittal, an investment
advisor at Venus India.
Banking stocks were among the top performers this
week, rising 3%. The gains came after the finance ministry on
Thursday announced a 306.00 billion rupees ($4.16 bln) guarantee
for securities to be issued by a newly incorporated "bad bank,"
the latest attempt to clean up the country's pile of bad loans.
The subindex ended 0.4% higher on Friday to register four
consecutive sessions of gains.
Banks with exposure to debt-laden telecom companies also
benefited from a government relief package for the sector
unveiled on Wednesday.
The S&P BSE Telecom index ended 0.9% higher on
Friday and advanced 6.7% for the week.
Auto stocks notched a weekly gain of 2.4%,
helped by the federal cabinet approving an incentive scheme for
the sector aimed at boosting the production of electric and
hydrogen fuel-powered vehicles.
Among the big movers on Friday, airline operator InterGlobe
Aviation rose 10.9% after regulatory data showed
passenger growth jumping in August as COVID-related travel
Rival SpiceJet advanced 3.4%.
(Reporting by Soumyajit Saha in Bengaluru, additional reporting
by Gaurav Dogra; Editing by Aditya Soni)