Indian shares fall as IT, automobile decline

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BENGALURU — Indian shares were lower in early trade on Friday, dragged by losses in technology and automobile stocks amid a broader weak sentiment over concerns of a global recession.

The NSE Nifty 50 index was down 0.45% at 17,796.90, as of 0350 GMT, and the S&P BSE Sensex declined 0.46% to 59,657.40, after registering their worst session in two weeks on Thursday.

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The Nifty IT index and automobile index were down 1.1% and 0.5%, respectively.

Broader Asian equities also fell on Friday, following sharp losses overnight in U.S. stocks over fears of aggressive tightening by the Federal Reserve in the face of warnings of a global recession from the World Bank and the International Monetary Fund.

Rating agency Fitch earlier this week cut India’s gross domestic product growth forecast for the current fiscal year to 7% from 7.8%, in the backdrop of a slowdown triggered by global economic stress, elevated inflation and tighter monetary policy.

(Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann Thoppil)