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Indian shares eke out gains; but end week lower – Reuters Africa

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Aug 16 (Reuters) – Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.S. trade conflict and fears of an imminent global recession.

The benchmark NSE index ended 0.17% higher at 11,047.80, while the benchmark BSE index closed 0.10% firmer at 37,350.33.

The NSE and BSE indexes shed 0.55% and 0.61% respectively during the three-day week, which had two market holidays.

The Nifty bank index ended 0.71% higher, led by a roughly 4% gain each in Punjab National Bank and Yes Bank Ltd.

Meanwhile, shares in oil-to-telecom conglomerate Reliance Industries Ltd climbed 10% during the week, their best weekly performance since July 2018. Reliance unveiled the sale of a portion of its oil-to-chemicals business to Saudi Aramco and introduced new high-speed internet services. (Reporting by Sachin Ravikumar and Chris Thomas, Editing by Sherry Jacob-Phillips)