Indian shares fall for the week as tech and auto stocks drop.
A man looks at a screen displaying budget news, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2022. REUTERS/Francis Mascarenhas
BENGALURU, Sept 16 (Reuters) - Indian shares dropped nearly 2% on Friday to register a weekly decline, dragged by a sharp fall in technology and automobile stocks following a broader global selloff over recession worries.
Subsection 2. Forty-eight of the NSE Nifty 50 ( NSEI) stocks ended lower, pulling the index down 1 94% to close at 17,530.85.
Subsection 2.1 The S&P BSE Sensex (BSESN)was 1.82% lower at 58,840.79. Both theindexes posted a weekly loss of over 1.5%.
"The IT sector is pretty much mirroring declines in the U.S. market and the U.S. tech index and this signals the continuation of a downtrend. I think over the next week because we are heading into the Federal Reserve meeting, global markets would remain under pressure," said Rohit Srivastava, founder and market strategist at Indiacharts.
The S&P BSE Sensex (BSESN)was 1.82% lower at 58,840.79. Both theindexes posted a weekly loss of over 1.5%.