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Sensex rises this week on govt move to cut corporate taxes
Photo Credit: Reuters

Indian shares closed lower on Friday, pressured by auto and metal stocks, as investors hoped for more stimulus to revive the economy.

The broader NSE index ended 0.51% lower at 11,512.40, while the benchmark BSE index closed down 0.43% at 38,822.57.

For the week, however, the markets managed to end higher. The NSE Nifty rose 2.11% and the BSE Sensex gained 2.13%, their best week since week-ending May 24, mainly helped by the government’s move to cut corporate taxes last week.

Among sub-indexes, metals slid 2.64%, pharma closed down 2.06%, while auto declined 1.38%. Meanwhile, the fast-moving consumer goods (FMCG) index managed to stay flat.

Mining conglomerate Vedanta Ltd fell 5.33% to top the NSE blue-chip losers.

Among gainers, Bharti Airtel rose about 1.5%.

Bharat Petroleum Corporation Ltd clocked gains of 16.3% for the week, marking its best week since week-ending Jun. 6, 2014.

India’s Strides Pharma Science Ltd hit their lowest since March 2014 at 298.25 rupees, after the company halted sales of its heartburn drug Ranitidine in the U.S. market, as it conducts tests to identify possible cancer-causing impurities in the tablets.

Meanwhile, Lakshmi Vilas Bank fell nearly 5% after Indian police opened a probe into the directors of the lender over misappropriating funds. 

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