Indian shares end lower on Omicron uncertainty, Reliance drag

Friday,   03-Dec-2021   04:30 PM (IST)

Indian shares ended lower on Friday, dragged down by most major sector indexes and heavyweights Reliance and Kotak Mahindra Bank, while concerns around two cases of the Omicron coronavirus variant in the country further weighed on sentiment. The blue-chip NSE Nifty 50 index ended 1.18% down at 17,196.70 and the benchmark S&P BSE Sensex fell 1.31% to 57,696.46. Both the indexes, however, saw their first weekly gain in three. Among major sub-indexes, the Nifty Energy index fell nearly 1%, with Reliance Industries  falling 3% to lead losses. The Nifty bank, IT and pharma indexes were among other major losers, falling between 0.83% and 0.86%. Kotak Mahindra Bank fell 2.5%. Investors are also looking ahead to the Reserve Bank of India's monetary policy meeting next week. Meanwhile, European shares opened firmer on Friday, shrugging off weakness in Asia as markets appeared to be accepting the possibility of more COVID-linked activity curbs and an accelerated pace of stimulus tapering by the U.S. Federal Reserve.