BENGALURU: Indian shares fell in early trading on Tuesday, dragged by automobile and energy stocks, in a risk-averse sentiment globally over the impact of high interest rates on economic growth, although gains in IT companies helped cap losses.

The NSE Nifty 50 index fell 0.34% to 17,182.60 as of 0351 GMT, and the S&P BSE Sensex was down 0.33% to 57,802.31.

Both the indexes had hit a one-week low in the previous session.

Top leaders at the World Bank and the International Monetary Fund had on Monday warned of a growing risk of a global recession.

In domestic trading, the Nifty’s automobile index and energy index fell 0.57% and 0.26%, respectively, while the IT index gained 0.52%.

Tata Consultancy Services Ltd swayed between losses and gains, after the IT major said it was seeing some softness in long-term deal decision making, though it reported a bigger-than-expected rise in quarterly profit on Monday.

IT service provider Infosys climbed 0.5% after it said late on Monday it will consider a proposal for share buyback on Thursday when it is scheduled to report its quarterly earnings.

Indian shares decline as U.S. rate hike fears weigh

Meanwhile, a Reuters poll found India’s retail inflation accelerated to a five month high of 7.30% in September due to surging food prices, staying well above the Reserve Bank of India’s tolerance band for a ninth month.

The data is due after market hours on Wednesday.