(Reuters) -India’s equity benchmarks fell on Friday, posting their sixth straight weekly loss as U.S. tariffs, trade uncertainty and muted earnings dampened sentiment.
The Nifty 50 and the BSE Sensex dropped 0.95% each to 24,363.3 points and 79,857.79, respectively. For the week, they shed 0.8% and 0.9%, respectively. This would be their longest losing streak since April 2020.
Losses were broad-based, with 13 of 16 major sectors ending the week in the red. Small-cap and mid-cap indexes declined 1.4% and 1.1%.
IT and pharma indexes lost 0.7% and 2.8%, while financials and energy fell 1.2% and 1.4%, respectively.
Investor sentiment remained fragile amid ongoing uncertainty over a potential U.S.-India trade deal and underwhelming earnings.
On Thursday, U.S. President Donald Trump ruled out further talks until the tariff dispute is resolved. This followed a move to double tariffs to 50%, citing India’s oil imports from Russia.
“Prolonged tariff tensions and relentless foreign selling–totaling $3.47 billion since early July–have injected a fresh wave of volatility and caution into Indian markets,” said Manish Goel, founder and MD at Equentis Wealth Advisory Services.
Among individual stocks, Adani Enterprises fell 7.4% this week, extending losses after posting disappointing quarterly results on July 31.
Textile exporters including KPR Mill , Gokaldas Exports , Vardhman Textiles , and Trident fell 4.2%-12.1% after the U.S. hiked duties on Indian imports.
In contrast, Hero MotoCorp surged 6.7% for the week, topping the Nifty 50 after a surprise earnings beat, aided by stronger exports.
On the day, LIC gained 3.2% on a quarterly profit rise.
Bharti Airtel dropped 3.3% on multiple block deals at a discount.
“Markets are also adjusting to the RBI’s message that the economy should not expect too much incremental support from monetary policy measures for now,” said Sandeep Bagla, CEO of TRUST Mutual Fund.
The RBI held rates steady on Wednesday but flagged tariff-related risks to the economy.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee)
By Bharath Rajeswaran and Vivek Kumar M