Tuesday, October 4

Indian shares down as IT, banks weigh amid weak global markets

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BENGALURU — Indian shares fell on Monday, dragged by tech and bank stocks, while worries of global economic growth kept investors on tenterhooks.

The NSE Nifty 50 index was down 0.76% at 17,622.75 as of 0400 GMT, while the S&P BSE Sensex dropped 0.67% to 59,245.18.

Asian shares slipped and the dollar extended its climb amid angst over global growth as most major banks keep raising rates, while a modest easing by China served only to highlight troubles in its property market.

India’s Nifty IT index fell 1.1% while the Nifty Bank index was down 1.4%.

Kotak Mahindra Bank was the top percentage loser on the NSE index with a 2.7% fall.

Shares of Paytm’s parent One97 Communications rose 3.1% after the company’s shareholders voted to reappoint Vijay Shekhar Sharma as managing director and chief executive officer, despite calls for his ouster by an investor advisory firm.

Shares of Adani Power Ltd gained 3.4% after the company said on Friday it will buy thermal power plant operator DB Power. (Reporting by Tanvi Mehta in Bengaluru Editing by Dhanya Ann Thoppil)