By Philip George
BENGALURU, Jan 29 (Reuters) - Indian shares ended a volatile session lower on Friday, weighed down by declines in pharmaceutical and information technology firms, to mark their sixth session of losses ahead of the federal budget on Monday.
The blue-chip NSE Nifty 50 index .NSEI fell 1.32% to 13,634.6 and the benchmark S&P BSE Sensex .BSESN closed 1.26% weaker at 46,285.77. The indexes ended the week 5.1% and 5.3% lower, making it their second straight weekly loss.
With Friday's close, the Nifty 50 has declined 2.5% in January, after scaling record highs on multiple occasions during the month as investors bet on a quick economic recovery aided by the roll-out of COVID-19 vaccines.
On Friday afternoon, the Indian government forecast a robust economic recovery of 11% for fiscal 2021-22 in its annual economic statement. reversed some losses to edge up in the aftermath, but eventually retreated back into the red.
Shares of Dr Reddy's Laboratories REDY.NS fell 6.6% to their lowest level since Sept. 16 2020, after the drugmaker's third-quarter profit missed estimates on a 6 billion rupee impairment charge.
"Dr Reddy's numbers have disappointed due to the provisions and that has led to some nervousness in the pharma sector... the market discounts everything very fast and people have to shift their positions," said Anita Gandhi, director at Arihant Capital Markets in Mumbai.
India's Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth, with officials also cautioning of tough choices that may have to be made to keep in check the government's ballooning debt.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.