Indian shares fall on global inflation worries; IT stocks shine
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BENGALURU - Indian shares edged lower on Friday as warnings from central banks over rising global inflation spooked investors, with auto and banking stocks leading the decline.
The NSE Nifty 50 index fell 0.3% to 17,202 by 0353 GMT and the benchmark S&P BSE Sensex was down 0.26% at 57,753.60, with losses capped by gains in IT stocks.
The Bank of England on Thursday became the world's first major central bank to raise interest rates since the coronavirus pandemic hammered the global economy, and warned of higher inflation after the U.S. Federal Reserve signalled that raging inflation was its biggest risk.
The Nifty auto index and the banking index were top drags, falling 0.94% and 0.8%, respectively.
Meanwhile, the Nifty information technology services index rose 2.05% and was the lone sectoral gainer after Accenture Plc forecast better-than-expected second-quarter revenue and raised its annual business outlook.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)
