Banks, IT stocks drag Indian shares as global inflation worries linger
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BENGALURU - Indian shares fell on Thursday, dragged by banks and IT stocks, while investor sentiment also slipped on weak global cues stemming from worries over rising inflation.
The blue chip NSE Nifty 50 index fell 0.33% to 17,957.05 and the benchmark S&P BSE Sensex fell 0.31% to 60,163.28 by 0353 GMT.
Wall Street closed sharply lower overnight, while Asian shares slumped after data showed U.S. consumer prices surged at the fastest pace since 1990 last month. [MKTS/GLOB]
In Mumbai trading, the Nifty Bank Index fell 0.53% and was on course for its fourth straight session of losses. Mortgage lender HDFC Ltd was down 1.1%.
The Nifty IT index was 0.46% lower, tracking its second straight sessions of losses. Tech Mahindra and Wipro fell about 1.1% each.
Shares of Zomato rose 2.5%, after the company posted quarterly revenue that more than doubled as orders on its food delivery business zoomed.
