Indian shares fall as global growth woes loom

  • Reuters
  • Stock Market News
Indian shares fall as global growth woes loom
Credit: © Reuters.

* NSE index down 0.26 pct, BSE index 0.13 pct lower

* Wipro, Tata Motors top pct losers

* Metal stocks down

By Tanvi Mehta

March 8 (Reuters) - Indian shares snapped a four-day rally and fell on Friday, tracking a weakness in equities globally, as investors fretted over growth prospects.

Asian stocks shuddered lower after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc. MKTS/GLOB

"Exports as a percentage of GDP is not a high number for India... But if global demand is sluggish, then one part of the growth puzzle is in the negative, and will have an impact on Indian markets," said Deepak (NS: DPFE ) Jasani, head – retail research, HDFC Securities.

The broader NSE index .NSEI was down 0.26 percent at 11,029.60 as of 0534 GMT, while the benchmark BSE index .BSESN was 0.13 percent lower at 36,677.51.

Both indexes are set to rise about 1.5 percent for the week, amid renewed interest on hopes that the current government will return for a second term.

Shares of Wipro Ltd WIPR.NS were the top percentage loser, with at least seven block deals taking place. Chairman Azim Premji is expected to sell up to 0.44 percent stake, owned via his philanthropic trust, BloombergQuint reported on Thursday. Motors Ltd TAMO.NS dropped 3.5 percent, after its luxury car unit Jaguar Land Rover on Thursday posted a 4.1 percent fall in February retail sales in February. stocks also witnessed selling, led by MOIL Ltd MOIL.NS and Hindalco Industries Ltd HALC.NS , down about 3 percent each.

Mid-cap stocks fell, with the Nifty Mid-cap 100 index .NIFMDCP100 down 0.4 percent. Analysts believe mid- and small-cap stocks are likely to return as attractive valuations.

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