Indian shares were modestly lower on Friday after oil prices surged more than 2 percent overnight and China said it wouldn’t give into “maximum unilateral pressure” from the U.S. on trade.
The benchmark BSE Sensex was down 143 points or 0.36 percent at 39,598 after ending a lackluster session largely unchanged on Thursday. The broader Nifty index was down 50 points or 0.42 percent at 11,864.
Dr Reddy’s Laboratories, Yes Bank, IndusInd Bank, Zee Entertainment Enterprises and Indiabulls Housing Finance dropped 1-3 percent while GAIL, Wipro, ONGC, UPL and Power Grid Corp were up between half a percent and 1.3 percent.
Bharti Airtel and Vodafone Idea were moving lower after a telecom panel asked the Telecom Regulatory Authority of India to review its recommendations on 5G spectrum sale.
Reliance Capital tumbled 3.7 percent on reports that the ministry of corporate affairs (MCA) and securities and exchange board of India (SEBI) are probing the auditor’s sudden resignation from the company and Reliance Home Finance.
HDFC edged down slightly on news it is selling 4.2 percent stake in Gruh Finance.