BENGALURU: Indian shares on Thursday registered their first weekly loss for the month and ended the day lower, hurt by a downturn in technology and automobile stocks, while digital payments company Paytm dropped over 25% in its market debut. The blue-chip NSE Nifty 50 index fell 0.75% to 17,764.8, while the benchmark S&P BSE Sensex was down 0.62% at 59,636.01.
The two indexes closed the holiday-truncated week nearly 2% lower to snap three consecutive weeks of gains, as global inflation worries and valuation concerns soured investor sentiment. Paytm, backed by China’s Ant Group and Japan’s SoftBank, dropped over 25%, with investors questioning the lofty valuations it gained in the country’s largest-ever initial public offering.
Auto stocks were the biggest losers among sectors, dropping over 2% to snap two straight sessions of wins, with Tata Motors tumbling nearly 4% to lead losses on the Nifty 50 index.
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