Sensex drops for 3rd week; Bharti slumps

Most Indian stocks fell, sending the benchmark gauge to its longest streak of weekly losses in five months, as telecommunication and consumer shares slumped.

About two-thirds of stocks declined on the S&P BSE Sensex, which was little changed at 27,458.64 at the close in Mumbai.

The gauge retreated for a third straight week, its longest streak since October, amid concern a rise in US interest rates may spur outflows from emerging markets. Earnings for the 30-company index fell in the three months to December for the first time in six quarters, data compiled by Bloomberg show.

The 50-stock CNX Nifty index closed little changed at 8,341.40 on Friday. The VIX Index, India's benchmark gauge of the cost of equity options, retreated 4.4 per cent to 14.50.

Bharti plunged 5.8 per cent, halting four days of advances. Idea Cellular tumbled 4.6 per cent, the most in a week. Reliance Communications declined for a 10th straight day, the longest streak on record.

Reliance Industries fell 2.1 per cent to a one-year low, after its unit Reliance Jio Infocomm participated in the auction.

Bharti, Idea and Vodafone Group Inc., the nation's biggest mobile-service operators, were competing to keep airwaves they already use as Reliance Jio builds a network to start services. India raised a record Rs 1.1 lakh crore ($18 billion) from the spectrum sale, exceeding analyst estimates and the government's target.

Bharti's bids will reduce its earnings in the fiscal year ending March 2018 by about two per cent, while Idea's profit may drop as much as 20 per cent, CLSA Asia-Pacific markets wrote in an investor note on Friday.

Hindustan Unilever lost 1.7 per cent, while ITC Ltd, India's biggest cigarette company, decreased 1.5 per cent. Infosys advanced 2.6 per cent.

Global investors bought a net $99 million of local shares on March 25, taking this year's inflows to $5.8 billion, the most among eight Asian markets tracked by Bloomberg. They bought $16 billion of stocks last year.