BENGALURU: Indian shares were lower in early trade on Friday, dragged by losses in technology and automobile stocks amid a broader weak sentiment over concerns of a global recession.

The NSE Nifty 50 index was down 0.45% at 17,796.90, as of 0350 GMT, and the S&P BSE Sensex declined 0.46% to 59,657.40, after registering their worst session in two weeks on Thursday.

The Nifty IT index and automobile index were down 1.1% and 0.5%, respectively.

Indian shares slide as US inflation data sparks rate hike fears

Broader Asian equities also fell on Friday, following sharp losses overnight in US stocks over fears of aggressive tightening by the Federal Reserve in the face of warnings of a global recession from the World Bank and the International Monetary Fund.

Rating agency Fitch earlier this week cut India’s gross domestic product growth forecast for the current fiscal year to 7% from 7.8%, in the backdrop of a slowdown triggered by global economic stress, elevated inflation and tighter monetary policy.