(Reuters) - Indian shares settled slightly higher on Friday, paring most of the gains made during the day as investors booked profits going into the weekend, with the broader Nifty 50 index posting its first weekly loss in three weeks
The NSE Nifty 50 index closed up 0.2% at 11,895.45 after rising as much as 0.86%, while the S&P BSE Sensex finished 0.1 higher at 40,286.48.
The Nifty 50 index was still down 0.1% for the week, while the Sensex closed 0.08% higher for the week.
“With the present market conditions nobody wants to hold the positions overnight,” said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services.
“We have news on U.S. and China close to a trade deal, but we never know what changes we will see overnight. There are uncertainties and that’s creating a lot of volatility,” he added.
White House economic adviser Larry Kudlow said on Thursday the world’s two largest economies were in close touch via telephone, and an agreement could be reached soon.
The Nifty public sector undertaking index was the top gainer, rising 3.28%.
Shares of Bharti Infratel closed 8.9% higher and was the top gainer in the Nifty 50, while Indian Oil Corp was the top loser, closing down 3.8%.
Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber