Sensex edges lower, but post second straight weekly gain
The Sensex fell 0.3% to 27,811.84 points on Friday, but rose 1.8% for the week, while the Nifty lost 0.20% to 8,381.10 points, but rose 1.9% for the week
Mumbai: India’s stock markets edged lower on Friday as private lenders retreated after the Reserve Bank of India’s (RBI’s) stress tests showed a significant jump in bad loans for the sector, but indexes still posted a second consecutive week of gains.
RBI said late on Thursday the ability of India’s debt-burdened firms to repay their debts has worsened as leverage has increased, straining a banking sector burdened by bad loans.
Sentiment was also hit after Greece failed again to reach an agreement with its creditors and stumbled towards a default, while China shares plunged more than 7% as retail investors sold heavily.
But local shares continued their rebound after hitting their lowest levels this year earlier this month.
The 30-share BSE Sensex fell 0.3% to 27,811.84 points on Friday, but rose 1.8% for the week.
The 50-share Nifty lost 0.20% to 8,381.10 points, but rose 1.9% for the week.
Among the private lenders, ICICI Bank Ltd lost 1.35%, while Axis Bank Ltd fell 0.8%. Reuters
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