BENGALURU - Indian shares fell on Friday, ending lower for the second straight week, as investors were wary about the country's plans to impose higher tariffs on some U.S. goods, amid higher food prices in the domestic market.
New Delhi was planning to impose the tariffs on over 20 goods imported from the United States, including almonds, apples and walnuts, two sources told Reuters.
Meanwhile, India's wholesale food prices index for May rose 5.10% year-over-year, compared to 4.95% in April.
The broader NSE Nifty closed down 0.76% at 11,823.30, while the benchmark BSE Sensex ended 0.73% lower at 39,452.07. For the week, NSE dropped 0.4% and BSE fell 0.41%.
The Nifty FMCG index ended down 1.3%, dragged down by heavyweights Hindustan Unilever and Colgate-Palmolive (India) Ltd, which closed down about 1.22% and 1.62%, respectively.
Indusind Bank, which closed down over 4%, was the top loser in the Nifty private banks index that ended 1.36% lower.
Jet Airways closed 11.2% lower after slumping to a fresh record low during the day.
Bharti Infratel topped the NSE gainers list and was up 1.36% at the closing bell.