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Indian shares slump as inflation, economic slowdown fears linger
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BENGALURU - Indian shares dropped 2% on Thursday, weighed down by a broader market selloff, as investors dumped risky assets on worries over stubborn inflation and economic slowdown.
The NSE Nifty 50 index was down 1.95% at 15,924, as of 0353 GMT, with all its major sub-indexes in the negative territory, while the S&P BSE Sensex fell 2.11% to 53,067.39.
Broader Asian equities tumbled after a sell-off in U.S. indexes overnight, with the Nasdaq and the S&P 500 dropping 3% as a rally in growth shares faded amid slowdown concerns.
MSCI's broadest index of Asia-Pacific shares outside Japan snapped its four-day winning streak to slump 2.3%. [MKTS/GLOB]
Aluminium and copper producer Hindalco Industries and software services provider Infosys were the top percentage losers in the Nifty 50, falling 3.9% each.
Shares of ITC rose 1.3% to be the sole gainer in the Nifty 50 index after the cigarettes-to-hotel conglomerate on Wednesday reported an 11.8% rise in its March-quarter profit.
