India’s equities benchmark completed its longest stretch of weekly gains since November, with the measure tracking regional peers lower on Friday after the European Central Bank downgraded the outlook for the eurozone’s economy.
The S&P BSE Sensex advanced for a third week, the longest streak since the period through November 16, data compiled by Bloomberg show. The gauge fell 0.2 per cent to 36,671.43 on Friday, while the NSE Nifty 50 Index also declined by a similar amount.
Stocks from Sydney to Hong Kong retreated after the ECB dialled back its economic expectations. India’s equity market has advanced as overseas investors bought $519.2 million of shares this month through March 6.
Slowing growth in the developed world will see more inflows coming towards markets like India, said Jitendra Panda, managing director at Kolkata-based Peerless Securities Ltd.
The numbers
Eleven of the 19 sector sub-indexes compiled by BSE Ltd declined, paced by a gauge of metal companies Tata Motors was the worst performer on the benchmark gauge. Wipro Ltd dropped 4.6 per cent after 0.4 per cent of shares traded in a single block deal Advanced Enzyme Technologies Ltd surged 17per cent after 10 million shares traded in two blocks.