Indian shares on course for first weekly drop in six

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A road sign is seen next to the Bombay Stock Exchange (BSE) building in Mumbai, India, February 6, 2018. Businesshala/Danish Siddiqui
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BENGALURU (Businesshala) – Indian shares were set for their first weekly decline in six as markets fell further on Friday, fueled by losses in banking and auto stocks and concerns around a global economic recovery and inflationary pressures.

The blue-chip NSE Nifty 50 index fell 0.6% to 17,512.85 GMT 0512 GMT and the benchmark S&P BSE Sensex fell 0.59% to 58,778.53, extending losses in the fourth session.

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Both the indices have lost nearly 2% so far this week in what would be their biggest weekly fall since February, as markets look to consolidate after the recent move on liberal monetary policies and easing of COVID-19 restrictions. Let’s try.

On Friday, there are fears that inflation may persist even after the peak of global growth, and hopes the US Federal Reserve will wreck markets around the world in the coming months.

While the domestic positivity hasn’t changed, Siddharth Purohit, a research analyst at SMC Global Securities, said the market will continue to be volatile this month as global events and the domestic earnings season get underway.

Auto stocks fell 1% on September sales data, with Maruti Suzuki down 2.8% a day after it warned that total vehicle production at its two plants in October would be around 60% of normal levels due to global chip shortages .

Banking stocks fell 0.8%, HDFC Bank fell over 1%, while consumer goods stocks fell 0.7%.

Energy stocks advanced, Indian Oil Corp up 1% to top Nifty 50.

SMC’s Purohit said a rise in the prices of locally produced gas from older fields helped the sentiment amid rising global gas prices.

Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu

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