Among sub-indexes, metals slid 2.64%, pharma closed down 2.06%, while auto declined 1.38%. Meanwhile, the fast-moving consumer goods (FMCG) index managed to stay flat. Mining conglomerate Vedanta Ltd fell 5.33% to top the NSE blue-chip losers. Among gainers, Bharti Airtel rose about 1.5%. Bharat Petroleum Corporation Ltd clocked gains of 16.3% for the week, marking its best week since week-ending June 6, 2014.
India's Strides Pharma Science Ltd hit their lowest since March 2014 at 298.25 rupees, after the company halted sales of its heartburn drug Ranitidine in the US market, as it conducts tests to identify possible cancer-causing impurities in the tablets. Meanwhile, Lakshmi Vilas Bank fell nearly 5% after Indian police opened a probe into the directors of the lender over misappropriating funds.
India's economic growth, which fell to a six-year low, would pick up in the October-March period as consumer demand is expected to improve, Finance Minister Nirmala Sitharaman said on Thursday. "Real sentiments revival will depend on the manner in which the stimulus is put to use by companies," said Rajesh Cheruvu, chief investment officer at Validus Wealth. However, Sitharaman's comments lifted shares of FMCG companies staring at job losses due to a demand crunch, especially in India's rural hinterland.