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Indian shares snap five-day rally

Reuters
15 Jan 2022 00:00:00 | Update: 15 Jan 2022 03:51:40
Indian shares snap five-day rally

Indian shares snapped a five-session rally on Friday, reflecting weak sentiment in global markets after hawkish comments from US central bank policymakers, but notched their fourth straight weekly gain.

The blue-chip NSE Nifty 50 index (.NSEI) closed down 0.01 per cent at 18,255.75 while the benchmark S&P BSE Sensex (.BSESN) ended 0.02 per cent lower at 61,223.03.

Both indexes, however, have recovered nearly 10 per cent since slipping into correction territory on Dec. 20, as investors looked past a sharp rise in COVID-19 cases to focus on December-quarter corporate earnings.

On Friday, stocks across the globe stumbled after US Federal Reserve Governor Lael Brainard became the latest and most senior US central banker to indicate hike interest rates would happen in March.

“We are seeing a marginal cool-off in prices as we are mirroring moves from broader Asian markets,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities in Mumbai.

In Mumbai, the Nifty auto index (.NIFTYAUTO) snapped two sessions of gains to settle 0.37 per cent lower. India’s auto industry body on Friday warned that the sector continued to face challenges due to semiconductor shortages.