Indian shares snap four straight weeks of gains on Fed's hawkish turn
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BENGALURU - Indian shares ended flat on Friday as losses in metal stocks cancelled out gains in financials, with the Nifty 50 and the Sensex marking their first week of losses in five as the U.S. central bank's hawkish turn weighed on equities.
The blue-chip NSE Nifty 50 index was down 0.05% at 15,683.35 and the benchmark S&P BSE Sensex rose 0.04% to 52,344.45 at close.
The Nifty 50 and the Sensex shed 0.73% and 0.25% for the week, respectively. The Fed's indication that it would raise interest rates sooner than expected has weighed on markets.
Among those weighing on the Nifty 50, JSW Steel Ltd was down 3.7%, with the Nifty metal index 0.91% lower. The index declined 6.62% for the week.
HDFC Bank Ltd and Hindustan Unilever Ltd were among the top boosts on the Nifty 50, rising 0.9% and 2.7%, respectively. Shares of Hindustan Unilever extended gains to a fourth straight session.
The Nifty Private Bank Index, which has fallen 1.23% this week, ended 0.05% higher.
Adani Ports and Special Economic Zone Ltd was also among the top boosts on the Nifty 50, gaining 7.3% after eight straight sessions of losses. The company this week rejected a media report that said accounts of three foreign investor funds that own Adani Group's stocks were frozen.
(Reporting by Rama Venkat in Bengaluru; Editing by Devika Syamnath)
