Business

Indian shares decline on concerns of fund outflows

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Gulf Today Report

Indian shares fell on Friday on fear of foreign fund outflows due to rising US Treasury yields.

By 03:51 GMT, The blue-chip NSE Nifty 50 index fell 0.83% to 14,437.45 and the benchmark S&P BSE Sensex slid 0.79% to 48,829.83.

Indian indexes have dropped by more than 1% for two straight sessions due to worries surrounding the surge in coronavirus cases.

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Among individual shares and sectors, Future Group companies, including Future Retail and Future Consumer, dropped nearly 10% each.

Heavyweight financial stocks were the biggest losers. The Nifty Bank Index fell 0.69%. HDFC Bank shed 0.6% and was the top drag on the Nifty 50.