INDIA STOCKS-India's equity benchmarks log weekly losses as IT stocks drag

By Vivek Kumar M and Bharath Rajeswaran

July 11 (Reuters) - Indian equity benchmarks posted a second straight weekly loss, weighed down by uncertainty over a potential U.S. trade deal and weak earnings from IT major Tata Consultancy Services TCS.NS.

The Nifty 50 .NSEI fell 1.22% to 25,149.85 points this week, while the BSE Sensex .BSESN lost 1.12% to 82,500.47.

IT .NIFTYIT was the biggest sectoral loser as it fell 3.8% this week due to weak TCS earnings and uncertainty over U.S. President Donald Trump's tariffs.

U.S. President Donald Trump on Thursday said he would impose a 35% tariff on Canadian imports starting next month and consider blanket tariffs of 15% to 20% on most other trading partners.

Meanwhile, investors continued to wait for a trade deal between the U.S. and India.

"The market is in dilemma as the wait for a trade deal with the U.S. continues. Traders are not confident about taking any major positive bets in this uncertain environment," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

Agrawal said the Jane Street episode has further impacted sentiments, with derivatives volumes taking a hit.

On Friday, the benchmark indexes slid about 0.8% each, dragged by losses in IT stocks. TCS lost 3.4% after weak results, which also pulled its peers Infosys INFY.NS and Wipro WIPR.NS lower.

Eleven of the 13 major sectors fell during the week. The broader small- .NIFSMCP100 and mid-caps .NIFMDCP100 lost 1.4% and 1.7%, respectively, snapping a two-week winning streak.

Bucking the trend, Hindustan Unilever HLL.NS jumped 7.7% for the week, marking its best performance in a year, as the consumer goods maker named Priya Nair, an insider at parent Unilever ULVR.L, as its chief executive.

Among other stocks, Glenmark Pharmaceuticals GLEN.NS surged 14.6% on Friday after its unit signed an exclusive licensing deal with U.S. peer AbbVie ABBV.N for its cancer treatment.