Nifty posts biggest weekly loss in nearly 16 months

MUMBAI (Reuters) - The broader Nifty fell 1.4 percent on Friday to post its biggest weekly loss since March 2013 as blue chips such as Reliance Industries were hit by a range of factors including profit-taking and disappointment over the budget's lack of specifics.

Shares had surged to a string of record highs since last week ahead of the budget on Thursday, but investors said the government had not spelled out its action on a range of issues, especially in terms of reducing subsidies.

Sentiment was also cautious on concerns about Portugal's banking sector that highlighted contagion risk in the euro zone.

The broader Nifty provisionally fell 1.4 percent, marking its lowest close since June 5, and its fourth consecutive decline after hitting a record high on Tuesday.

Reliance Industries fell 3.1 percent while Larsen & Toubro lost 4.8 percent.

(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)