Financials, IT drag Nifty and Sensex to third weekly loss

India’s equity benchmarks fell on Friday, logging a third straight weekly decline, as weak earnings from key financial and IT companies dampened sentiment while global trade uncertainty lingered.

- Reuters

The Nifty 50 fell 0.57% to 24,968.4 points on the day, while the BSE Sensex shed 0.61% to 81,757.73. The Nifty 50 and Sensex lost about 0.7% and 0.9%, respectively, this week.

Private banks led sectoral losses with a nearly 2% weekly drop, followed by heavyweight financials and IT, down 1.1% and 1.5%, respectively.

Axis Bank fell 5.2% on Friday and 6.3% for the week after a surprise profit decline.