Indian shares edge down as investors pocket gains

Indian shares edged down on Friday as investors sold to benefit from recent gains, with losses in energy stocks outweighing gains in index heavyweights such as Larsen and Toubro.

The broader NSE index fell 0.28 per cent to 11,488.75 as of 0634 GMT. The benchmark BSE index too lost 0.28 per cent to 38,274.03.

The NSE index has risen 6.75 percent while the BSE index climbed 7.02 per cent this month until Wednesday’s close. India’s financial markets were shut on Thursday for a public holiday.

Both indexes were poised to register a fifth week of gains, reports Reuters.

Shares of Larsen & Toubro Ltd rose as much 3.2 per cent, their highest since Jan. 3, while NTPC Ltd added as much as 3.3 per cent.

Shares of low-cost carrier SpiceJet Ltd jumped as much as 14.2 per cent on upbeat February passenger data.

Energy stocks traded lower, with the Nifty Energy index losing as much as 0.8 per cent.

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Coal India Ltd and Hindustan Petroleum Corp fell as much as 2.9 per cent and 2.8 per cent, respectively.