Nifty, Sensex end lower after Nirmala Sitharaman's surprise appointment as finance minister
Indian shares gave up early gains to end slightly lower on Friday, after Prime Minister Narendra Modi surprised the markets by naming Nirmala Sitharaman as the next finance minister.
Amit Shah, chief of the Hindu nationalist Bharatiya Janata Party and the minister of home affairs, had been tipped as a possible candidate for the finance ministry in recent days.
Sitharaman will take over the finance ministry when there is pressure from industry for the government to provide some stimulus to halt a worrying slowdown in India's $2.7-trillion economy.
The broader NSE Nifty closed 0.19% lower at 11,922.80, while the benchmark BSE Sensex was down 0.3% at 39,714.20.
The NSE Nifty has gained 1.5% in May, while the BSE Sensex added 1.8% during the month. Both the indexes closed the week 0.7% higher.
Yes Bank Ltd, the top loser by percentage, shed 4.7%.