Banks, IT stocks drag Indian shares as global inflation worries linger

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BENGALURU, Nov 11 (Businesshala) – Indian stocks, dragged by banks and IT stocks, fell on Thursday, while investor sentiment slipped on weak global cues stemming from rising inflation concerns.

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The blue chip NSE Nifty 50 index fell 0.33% to 17,957.05 and the benchmark S&P BSE Sensex fell 0.31% to 60,163.28 by 0353 GMT.

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Wall Street closed sharply lower overnight, while Asian stocks fell after data showed US consumer prices rose last month at the fastest pace since 1990.

In Mumbai trade, the Nifty Bank index fell 0.53% and was on course for its fourth straight session of losses. Mortgage lender HDFC Ltd was down 1.1%.

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The Nifty IT index was 0.46% lower, tracking its second straight session of losses. Tech Mahindra and Wipro fell nearly 1.1%.

Shares of Zomato rose 2.5% after the company posted quarterly revenue that more than doubled as orders on its food delivery business. (Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M)

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