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India Stocks Mark Fifth Weekly Decline in Six on Growth Outlook

Abhishek Vishnoi

(Bloomberg) -- Indian equities marked their fifth weekly loss in six after a volatile session on Friday, as investors mulled the outlook for company earnings and economic growth.

The benchmark S&P BSE Sensex rose 0.1% to 37,350.33 at the 3:30 p.m. close in Mumbai on Friday after paring earlier loss of as much as 0.9%. The NSE Nifty 50 Index rose 0.2%. Both gauges still capped a weekly decline of 0.6% each, though markets were closed Monday and Thursday for holidays. Tata Consultancy Services Ltd. was today’s biggest drag and ITC Ltd. the biggest support on both measures.

A regional equities benchmark is on course for a fourth-straight week of losses as investors assessed the prospects of a global economic slowdown and prolonged trade tensions between China and the U.S.

Strategist View

Valuations have become more reasonable but the threat of further earnings downgrades, uncertain global and domestic macroeconomic conditions and “super-high multiples” of consumer stocks “reduce the investment appeal of the Indian market,” Kotak Institutional Equities analysts led by Sanjeev Prasad wrote in a note.

The Numbers

Eleven of 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of utility stocks.Yes Bank Ltd. was the top gainer on the benchmark, adding 3.8%. The lender said it raised 19.3 billion rupees ($271 million) in a placement to investors.

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To contact the reporter on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo Towie, Kurt Schussler

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