Stocks erode early losses but indices close in the red

Equity benchmark indices eroded morning losses on Friday but closed lower for the sixth consecutive session.

There was selling pressure on account of global cues and Prime Minister Narendra Modi's warning of strong action against Pakistan after Thursday's deadly terror attack in Jammu and Kashmir. India also withdrew the Most Favoured Nation (MFN) status to Pakistan in a stern message to Islamabad.

At the closing bell, the BSE Sensex was down 67 points at 35,808 while the Nifty 50 was down 22 points at 10,724.

ONGC, BPCL, NTPC, Power Grid and GAIL were the top gainers at National Stock Exchange. Dr Reddy Labs, JSW Steel, Sun Pharma, Tata Motors and Yes Bank were among the major losers.

Meanwhile, Asian stocks remained subdued as global economic growth concerns resurfaced. Investors were concerned over the potential for progress on US-China trade tariff disputes.

There were doubts over US economy as December data showed 1.2 per cent fall in retail sales.

As Saudi Arabia said it will cut crude oil exports, market experts said Brent oil prices could move up to 70 to 80 dollars a barrel in coming months.