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Indian shares set to post biggest weekly loss in over 6-1/2 years
February 12, 2016 / 8:58 AM / 2 years ago

Indian shares set to post biggest weekly loss in over 6-1/2 years

* NSE, BSE down more than 7 pct this week

* BHEL slumps after posting losses

* Tata Motors rallies on Deutsche Bank upgrade

MUMBAI, Feb 12 (Reuters) - Indian shares were broadly unchanged on Friday as investors saw a four-day losing streak as overdone, but still headed for their biggest weekly fall since July 2009 after disappointing earnings and weak global markets hit sentiment.

Traders hope markets would stabilise though they think a dose of positive news is desperately needed as concerns about earnings continue to hurt sentiment.

Sharp falls in global markets are adding further pressure, with investors waiting for China’s markets to reopen on Monday after a week-long holiday.

“We are deeply oversold technically and any kind of positive news or a short squeeze would lead to sharp bounces,” said Hemen Kapadia, vice president, KR Choksey Securities.

The broader NSE index fell as much as 1.54 percent. It was down 7.55 percent this week and headed for its biggest weekly fall since July 2009.

The benchmark BSE index lost as much as 1.53 percent and was down 6.65 percent for the week.

Bharat Heavy Electricals Ltd shares lost as much as 14.97 percent after the state-run engineering giant posted a loss of 11.02 bln rupees in the December quarter.

Sun Pharmaceutical Industries Ltd fell as much as 3.37 percent ahead of its December-quarter earnings. The pharma major is expected to miss profit estimates.

Among the stocks that gained, Tata Motors rose as much as 6.57 percent as Deutsche Bank upgraded its rating to “hold” from “sell” after December-quarter earnings. (Reporting by Manoj Rawal; Editing by Sherry Jacob-Phillips)

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