Indian Shares Post Weekly Decline As Tech, Autos Tumble

Highlights
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.
Forty-eight of the NSE Nifty 50 stocks ended lower, pulling the index down 1.94% to close at 17,530.85. The S&P BSE Sensex was 1.82% lower at 58,840.79. Both the indexes 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 domestic IT industry takes a direct hit from rate hikes in the U.S. and Europe as economic activity in those regions, where the tech sector gets most of its revenue from, could slowdown and that is the risk investors are considering, Srivastava added.
The Nifty IT index logged a weekly decline of 7%, its biggest since mid-June. The Nifty automobile index declined 2.7% on Friday.
Among heavyweights on the Nifty 50 index, automakers Mahindra and Mahindra Ltd, Tata Motors Ltd and IT services majors Tata Consultancy Services Ltd and Infosys Ltd fell over 3% each.
Vedanta tumbled 7.5% after the conglomerate clarified that new chipmaking project in the western Indian state of Gujarat will not be run by the miner, but by its holding company Volcan Investments.
Globally, equities fell on fears of aggressive tightening by the Fed in the face of warnings of a global recession from the World Bank and the International Monetary Fund. [MKTS/GLOB]
Rating agency Fitch earlier this week cut India's gross domestic product growth forecast for the current fiscal year to 7% from 7.8%, citing a slowdown triggered by global economic stress, elevated inflation and tighter monetary policy.
Great Deals on Used Cars
View All Used Cars
- 8,000 km
- Hybrid
- Automatic

- 88,000 km
- Diesel
- Automatic

- 53,763 km
- Petrol
- Manual

- 24,110 km
- Diesel
- Automatic

- 72,000 km
- Diesel
- Automatic

- 20,156 km
- Electric
- Automatic

- 64,000 km
- Petrol
- Manual

- 65,000 km
- Petrol
- Manual

- 85,000 km
- Hybrid
- Automatic

- 70,123 km
- Diesel
- Automatic
Upcoming Cars










Upcoming Bikes










Explore More
Latest News
Related Articles

-15209 second ago
The brand is offering free service support through its dealer network in Chennai and other affected areas.

-12415 second ago
Toyota and its dealer partners have set up a special emergency helpline number and have a deployed the Hilux pickup for rescue and movement of submerged vehicles

-2095 second ago
Starting from December 8, 2023 customers affected by the flash floods can avail free RSA, engine check-ups and other service benefits at the Yamaha service centers

6 minutes ago
MG Motor India has introduced a December Fest sale with sizable benefits across its lineup with offers valid until December 31

21 minutes ago
Ducati said that the price increase was due to a rise in operational costs and will affect select motorcycles on sale

1 hour ago
The Q6 e-Tron will boast an 800-volt electrical system, a 100 kWh battery offering a range of 373 miles, and dual electric motors generating up to 510 horsepower

17 hours ago
The made-in-India sport bike is powered by a 457 cc parallel-twin engine that puts out a peak 47 bhp.

18 hours ago
The new Triumph Bonneville Stealth Editions come with special hand-painted colours that change hues depending on the light

19 hours ago
The W175 Street gets alloy wheels and tubeless tyres, aside from new paint finishes

11 months ago
World stocks were heading for a 3% loss on the week while the dollar hit 24-year highs against the yen for a second day ahead of key U.S. jobs data, as investors brace for aggressive rate hikes from the Federal Reserve.

11 months ago
World stocks were heading for a 3% loss on the week while the dollar hit 24-year highs against the yen for a second day ahead of key U.S. jobs data, as investors brace for aggressive rate hikes from the Federal Reserve.

11 months ago
World stocks were heading for a 3% loss on the week while the dollar hit 24-year highs against the yen for a second day ahead of key U.S. jobs data, as investors brace for aggressive rate hikes from the Federal Reserve.

1 year ago
World stocks were heading for a 3% loss on the week while the dollar hit 24-year highs against the yen for a second day ahead of key U.S. jobs data, as investors brace for aggressive rate hikes from the Federal Reserve.
