RIYADH: Indian shares ended lower on Friday, with the benchmark Nifty 50 index snapping an eight-session winning streak, as investors locked in profits after the sharp rally. The NSE Nifty 50 index closed down 1.1 percent at 17,758.45, recording its biggest percentage fall in nearly two months. The S&P BSE Sensex dropped 1.08 percent to 59,646.15 in its first fall in six sessions. The decline marked the index’s biggest percentage loss since June 22. Still, both indexes notched up their fifth week of gains, with the Nifty 50 adding 0.34 percent and the Sensex 0.3 percent for the week. Bank stocks led the fall Bank stocks led the fall, with the Nifty PSU bank index closing down 2.7 percent. Canara Bank and Bank of Baroda were the top losers on the index. IndusInd Bank and Bajaj Finserv were the top losers on the Nifty 50 index, down 3.8 percent and 3 percent, respectively. Auto and consumer stocks, the major drivers of the recent rally, also declined on Friday. Tata Motors ended 2.9 percent lower, while Hindustan Unilever fell 1.8 percent. The Nifty Auto index closed down 1.4 percent, having risen 4.7 percent so far this month. Green hydrogen plant in Hazira Indian multinational conglomerate Larsen & Toubro, also known as L&T, has commissioned a green hydrogen plant at its AM Naik Heavy Engineering Complex in Hazira, Gujarat, according to a press release. The press release noted that the production of green hydrogen based on an alkaline electrolysis process has begun, and it will produce 45 kilograms of green hydrogen every day, which will be used for captive consumption in the company’s Hazira manufacturing complex. “This initiative is in line with L&T’s climate leadership targets of Lakshya-2026 that will help reduce greenhouse gases footprint for us as well as our clients by approximately 300 tons per annum,” said Subramanian Sarma, whole-time director and senior executive vice president (energy), L&T. RBI likely to set 7.23 percent cutoff yield on new 10-year bond The Reserve Bank of India will likely set a cutoff yield of 7.23 percent on 130 billion rupees ($1.63 billion) of the new 10-year bond being auctioned on Friday, according to the median estimates in a Reuters poll of 11 traders. India’s federal government is also selling 40 billion rupees of a 6.69 percent 2024 bond, 70 billion rupees of a 7.10 percent 2029 bond and 90 billion rupees of a 6.95 percent 2061 bond. The RBI will likely sell the 2024 bond at a 6.54 percent yield, while it will sell the 2029 bond at a 7.15 percent yield, according to the poll. The central bank is expected to sell the 2061 bond at a 7.62 percent yield. The cutoff estimates for the 2024 bond were between 6.51 percent and 6.56 percent, while those for the 2029 note were between 7.14 percent and 7.16 percent. The estimates for the new 2032 10-year bond were between 7.21 percent and 7.26 percent, while those for the 40-year paper were between 7.60 percent and 7.63 percent. The government has a greenshoe option to retain an additional 20 billion rupees on each security. (With input from Reuters)