The Indian stock market has had its lowest week since late November, with the Reliance results in place

The Indian stock market has had its lowest week since late November, with the Reliance results in pl ...

BENGALURU, January 21 - Indian stocks fell on Friday for their biggest weekly increase since late November, as negative earnings from Hindustan Unilever boosted businessmen.

The NSE Nifty 50 index on the market has dropped 0.79% to 17,617.15 and the S&P BSE Sensex has dropped 0.72% to 59,037.18. The indexes have had their lowest levels since early January.

They posted a weekly loss of about 3.5 percent each, dropping for four consecutive sessions as a result of heavy trading from foreign investors.

As concerns over inflation and the Federal Reserve's policy tightening weighed on sentiment, Asian and European peers, as well as US stock futures were less competitive.

Saurabh Mukherjea, the founder of Marcellus Investment Managers, said the drop was not unusual as a result of economic growth and that he was not too worried about the correction.

"We are getting a strong economic recovery across the world, and naturally it is fuelling inflation, also because COVID-19 has created supply side issues, which will invariably lead to rate rises, which indicates that the first one-third of an economic recovery is behind us."

On Friday, the Nifty IT index lost 1.3 percent, making it its sixth consecutive session of losses, bringing it to a decline of 7.1 percent. It was its biggest drop since March 2020.

Bajaj Finserv, a holding company for financial services businesses, slid 5.4 percent and was the largest decliner on the Nifty 50 on Thursday, following a drop in quarterly earnings.

According to analyst estimates, Hindustan Unilever's share rate rose by 2.8 percent over the past month.

Maruti Suzuki India and Bajaj Auto have topped the list of top brands.

Reliance Industries closed unchanged ahead of its quarterly results.

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