* NSE index up 0.01 pct, BSE index 0.08 pct higher
* Shares on track to snap seven sessions of losses
* Pharmaceutical stocks among top gainers
By Arnab Paul
Dec 23 Indian shares were flat amid subdued
volumes on Friday, but the key indexes were headed for their
biggest weekly drop in five as emerging markets remain under
pressure due to foreign investor outflows.
Donald Trump's victory in the U.S. presidential election
held last month has sparked outflows from emerging markets, with
foreign institutional investors selling a net $413.55 million in
Indian shares this month as of Dec. 21.
"Lack of buying has been a major factor in the market's
performances of late," said Deven Choksey, managing director at
KR Choksey Securities.
"We'll probably see a short change before the derivatives
expiry next week but nothing substantial until the impact of
demonetisation (India's action to ban higher-value banknotes) is
clearer and the annual budget is announced."
Indian Prime Minister Narendra Modi scrapped 500-rupee and
1,000-rupee banknotes on Nov. 8 in a bid to flush out cash
earned through illegal activities, or earned legally but never
disclosed to the taxman.
The NSE index was up 0.01 percent at 7,987.55 as of 0704
GMT, but was down 1.95 percent for the week, on track for its
biggest weekly fall since the week ended Nov. 18.
The broader NSE index has fallen in each of the
previous seven trading sessions, marking its longest losing
streak in 1-1/2 years, falling as well over lingering fears on
the impact of scrapping higher-value banknotes.
The BSE index was trading 0.08 percent higher at
26,000.96, but was down 1.80 percent for the week.
Trading volumes this week are at their lowest since the week
ended Oct. 14.
Among gainers, Sun Pharmaceutical Industries rose
2.2 percent after the drug maker said on Thursday it had
acquired Novartis AG's cancer drug, Odomzo.
Consumer goods stocks were among the top decliners, with
Jubilant Foodworks falling as much as 2.13 percent to
its lowest in nearly 5 years.
In Asia, stocks stepped back in subdued trade on Friday as
Wall Street took a breather from its relentless rise since the
U.S. election, while the dollar hovered below the 14-year high
set earlier this week.
(Reporting by Arnab Paul; Editing by Biju Dwarakanath)