FX.co ★ Indian Stocks Settle Lower, Still Post Weekly Gain

On Friday, India's BSE Sensex declined by approximately 0.5%, closing at 85,232 and ending a two-day winning streak. This downturn aligns with a broader global selloff in the technology sector. Concurrently, recent U.S. employment data did not clarify the Federal Reserve's stance on potential interest rate cuts. Domestic pressures also mounted due to fresh data indicating that India’s private sector expansion slowed to a six-month low in November, driven by weaknesses in manufacturing. Nonetheless, optimism about a possible trade agreement between the U.S. and India provided some support. Notably, Tata Steel experienced the most significant decline, dropping 2.7%, with HCL Technologies following close behind with a 2.3% fall. Among other underperformers, Bajaj Finance and Bajaj Finserv saw respective decreases of 2.3% and 1.9%, while Eternal and Bharat Electronics declined by 1.8% and 1.4%, respectively. Despite Friday's setback, the index achieved a 0.8% increase over the week, marking its second consecutive weekly gain.