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Indian shares fall over 1% on global growth fears

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BENGALURU — Indian shares fell on Monday in broadbased selling, tracking Asian peers, as investors shunned equities on renewed worries over economic growth in the face of a high-interest rate environment.

The NSE Nifty 50 index fell 1.3% at 17,109.75 as of 0352 GMT, while the S&P BSE Sensex dropped 1.4% to 57,314.26.

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The sterling slumped to a record low on Monday as investors piled in to dollars and out of almost everything else, spooked by the prospect of high interest rates and poor growth ahead.

Last week, the United States and half a dozen other countries raised interest rates.

The Reserve Bank of India is set to raise interest rates again this week with a slim majority of economists in a Reuters poll expecting a half a percentage point hike and some others expecting a smaller 35 basis point rise. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D’Souza and Dhanya Ann Thoppil)

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