Indian shares follow Asian peers lower, set for weekly drop
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BENGALURU - Indian shares dropped 1% early on Friday and were set for their first weekly fall in four, as stock markets across the globe were roiled by worries over the impact of aggressive policy tightening by central banks on economic growth.
The NSE Nifty 50 index was down 1.01% at 16,307.60, as of 0350 GMT, while the S&P BSE Sensex fell 1.08% to 54,725.57.
Technology and metal stocks led the decline in broad-based selling, shedding more than 1.5% each.
Asian shares also fell, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.2% as the European Central Bank's rate-hike guidance and upcoming U.S. inflation data unnerved investors.[MKTS/GLOB]
Worries that more rate hikes and a faster pace of tightening by central banks might hamper economic growth have weighed on global investor sentiment this week.
In a widely expected move on Wednesday, the Reserve Bank of India raised the repo rate by 50 basis points just a month after an unscheduled 40 basis point hike, signalling stricter tightening ahead to fight soaring inflation.
