Sensex, Nifty back in the red as bank stocks slide

Indian shares erased early gains and closed slightly lower on Friday, dragged down by steel companies such as Tata Steel Ltd as investors kept to the sidelines due to a lack of clarity on the US tariff on steel and aluminium imports.

The benchmark BSE Sensex dropped 0.13 percent to 33,307.14 and the broader NSE Nifty slipped 0.15 percent to 10,226.85, marking their seventh session of falls in eight.

Both indexes shed 2.2 percent this week, in their second straight weekly fall.

State-run banks were among the biggest laggards with Union Bank of India Ltd closing 2.9 percent lower after Reuters reported that the bank has $45 million direct exposure to firms owned by jeweller Nirav Modi, and Gitanjali group of companies.