December 20, 2018 / 10:50 AM / a year ago

Nifty, Sensex snap winning streak; financials drag

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas

(Reuters) - Indian shares pared early losses to end lower on Thursday, as investors locked in profit following seven sessions of gains.

The BSE Sensex closed down 0.14 percent at 36,431.67, while Nifty ended 0.14 percent lower at 10,951.7.

The rupee and stocks weakened early on Thursday, tracking Asian peers after the U.S. Federal Reserve gave a 2019 rate outlook that traders called “less dovish” than they expected.

Earlier in the day, the broader NSE index fell up to 0.80 percent, while the benchmark BSE index dropped as much as 0.77 percent.

“There has been some profit-booking, but there are multiple positive factors and the fundamentals are strong,” said Vinod Nair, head of research, Geojit Financial Services.

Financial stocks were the biggest drag on both indexes, with State Bank of India closing 2.2 percent lower and Axis Bank Ltd ending 1.4 percent weaker.

Reporting by Arnab Paul in BENGALURU, Editing by Sherry Jacob-Phillips

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