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Indian shares fall 1% as recession risks loom
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Indian shares fell on Wednesday, dragged by banks and metal companies, as risk sentiment weakened over worries of a global recession.
The NSE Nifty 50 index fell 1% to 16,825.40 as of 0349 GMT, while the S&P BSE Sensex was down 0.9% to 56,633.64.
Asian share markets slid on Wednesday as surging borrowing costs fed fears of a global recession, spooking investors into the arms of the safe-haven dollar.
Indian investors await monetary policy decision from the Reserve Bank of India, which begins its three-day policy meeting Wednesday.
The metals index was down 1.5%, while the bank index fell 1%.
Shares of Motherson Sumi Wiring India rose 5.2% after the company said it will consider a proposal to issue bonus shares.
Foreign institutional investors sold a net 28.24 billion Indian rupees ($345.63 million) of Indian equities on Tuesday, while domestic investors purchased 35.05 billion rupees shares, as per provisional data available with the National Stock Exchange. ($1 = 81.7050 Indian rupees)
