BENGALURU: Indian shares fell on Friday as investors continued to lock in gains on bank shares following a sharp rally, while assessing retail inflation data that was higher than the central bank’s target.
The NSE Nifty 50 index was down 0.5% at 12,625.4 by 0351 GMT and the benchmark S&P BSE Sensex fell 0.52% to 43,113.38. The two main indexes, however, were on track to post gains for the week.
The Nifty banking index, which posted gains of over 20% in an eight-day winning streak until Wednesday, was down 1.3% in early Friday trading.
Private-sector lenders IndusInd Bank, ICICI Bank and Axis Bank fell over 1.3% each.
Meanwhile, India’s retail inflation was over 7% in October for a second straight month and remained above the Reserve Bank of India’s (RBI) target of 2%-6%, giving the central bank little room to cut rates.
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