BENGALURU: Indian shares fell more than 1% on Thursday, snapping three sessions of gains, as losses in financial and information technology stocks eclipsed gains in automakers.

The blue-chip NSE Nifty 50 index dropped 1.24% to 17,560.2 and the S&P BSE Sensex slid 1.29% to 58,788.02.

Both the indexes added 4% in the past three sessions, with a rally sparked by the country’s high-spending federal budget accounting for most of those gains.

Sentiment was also weaker globally on Thursday after a disappointing forecast from Facebook owner Meta Platforms sent its stock 20% lower and sparked a 2% drop in Nasdaq futures.

In Mumbai, the Nifty IT index slid 2.1% after gaining nearly 7% over the last four sessions, with IT giant Infosys falling 2.7%.