10-03-2022 10:19 AM | Source: Reuters
Indian shares down as metals, IT drag amid global growth concerns
Indian shares inched lower on Monday, dragged by metal and IT companies, as global investors remained on edge following higher-than-expected U.S. inflation, while concerns over growth lingered.
The NSE Nifty 50 index fell 0.3% at 17,045.75 as of 0359 GMT and the S&P BSE Sensex was down 0.4% to 57,211.32.
Fresh personal consumption expenditures (PCE) price index data, tracked by the U.S. Federal Reserve as it considers more interest rate hikes, showed a rise of 0.3% in August.
The metals index fell 1.2%, while the IT index dropped 0.6%.
Shares of Oil & Natural Gas rose 5% after the government raised prices of locally produced gas and cut a windfall tax on domestically produced crude oil.
($1 = 81.5090 Indian rupees)
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