Sensex, Nifty post seventh straight weekly decline
Photo Credit: Reuters

Indian shares ended lower on Friday as coronavirus cases crossed 2,000 in Asia's third-largest economy, while oil prices advanced on hopes of a global supply cut.

The broader NSE Nifty 50 index closed down 2.06% at 8,083.80 and the benchmark S&P BSE Sensex was 2.39% lower at 27,590.95.

The NSE and the BSE indexes declined 6.7% and 7.5% in the week, their seventh straight weekly decline.

Active coronavirus cases in India crossed 2,000 as of Friday morning, government data showed, while 58 were reported to have died. Globally, the cases have crossed over one million.

Meanwhile, oil prices extended the previous session's gains after US President Donald Trump said on Thursday he had brokered a deal which could see Russia and Saudi Arabia cutting output by 10 to 15 million barrels per day (bpd).

India is the world's third-biggest oil consumer after the US and China and imports most of the fuel for its use.

In the equities market, banks and financial stocks led declines, with the Nifty banking index falling 5.3% and the Nifty financials index losing 4.3%.

Private-sector lender Axis Bank was the biggest laggard for the day on the blue-chip index, dropping 9.26%, followed by state-owned IndusInd Bank, which shed 8.49%.

Sun Pharma was the day's top gainer, advancing 9.43%.

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