For a better experience please change your browser to CHROME, FIREFOX, OPERA or Internet Explorer.
Indian shares fall as IT, automobile decline

Indian shares fall as IT, automobile decline

Author of the article:


BENGALURU — Indian shares were lower in early trade on Friday, dragged by losses in technology and automobile stocks amid a broader weak sentiment over concerns of a global recession.

The NSE Nifty 50 index was down 0.45% at 17,796.90, as of 0350 GMT, and the S&P BSE Sensex declined 0.46% to 59,657.40, after registering their worst session in two weeks on Thursday.

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

The Nifty IT index and automobile index were down 1.1% and 0.5%, respectively.

Broader Asian equities also fell on Friday, following sharp losses overnight in U.S. stocks over fears of aggressive tightening by the Federal Reserve in the face of warnings of a global recession from the World Bank and the International Monetary Fund.

Rating agency Fitch earlier this week cut India’s gross domestic product growth forecast for the current fiscal year to 7% from 7.8%, in the backdrop of a slowdown triggered by global economic stress, elevated inflation and tighter monetary policy.

(Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann Thoppil)

Advertisement 2

Read More

leave your comment

Your email address will not be published.